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Main » 2016 » July » 10 » Forex. Gold XAU / USD forecast for today 11/07/2016
Forex. Gold XAU / USD forecast for today 11/07/2016



Short-term gold price showed a decrease after a strong report on the number of jobs created in the US in June. After updating at least against the background of strengthening US currency, precious metal quotes turned up, due to lingering concerns Brekzit negative impact on the economy.




Current situation

Gold is trading at 2-yearly highs. Quotes of gold showed a volatile trading on Friday after the release of the news from the US. A strong US labor market report is not weakened gold, which after a decline in 1335 returned back to the maximum to 1366. Moving averages (50, 100 and 200) are directed upwards on the 4-hour chart. On Friday, the price tested the moving average 50, bounced off it. Resistance is located at 1360 and 1330 in the support.

MACD is in the positive zone. Height histogram indicate a strengthening of the position of the buyers. RSI is close to overbought area. If the light is come into the overbought zone, we will have a buy signal.

Gold forecast for today

Quotes of gold may resume decline. Tergetami downward movement will be the levels of 1330 and 1300. Growth is possible to new highs at 1390.




Based on materials from Fort Financial Services


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