3 July Gold Price Technical Forecast: Gold rebounds sharply


Gold futures on Comex staged a solid comeback from the lowest levels seen since July last year. Looking ahead, what can traders expect? Find out in today’s 3 July Gold Price Technical Forecast.

3 July, GKFX – After hitting fresh YTD lows, the precious metal stages a solid rebound from a short-term descending trend-channel support and amid near-term oversold conditions.

3 July Gold Price Technical Forecast

The up-move, however, hasn’t been supported by short-term technical indicators and could be solely attributed short-covering led by a modest USD retracement.

Hence, the descending trend-channel resistance is likely to cap any subsequent up-move, which if conquered might increase prospects for additional near-term recovery.

Gold 4-hourly chart

Spot Rate: $1248.69

Daily Low: $1237.97

Trend: Bearish

Resistance

R1: $1254.23 (descending trend-channel hurdle)

R2: $1257.11 (10-day SMA)

R3: $1266.65 (horizontal zone)

Support

S1: $1241.90 (overnight closing level)

S2: $1237.97 (multi-month lows set earlier today)

S3: $1236.52 (Dec. 12, 2017 swing low)

Disclaimer

This article 3 July Gold Price Technical Forecast was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.

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