6 July Gold Price Technical Forecast: Gold struggles to breakthrough


The XAUUSD pair rose to a fresh session high above $1259 but quickly retraced its gains. What is next for the precious metal? Gain insight into the following 6 July Gold Price Technical Forecast.

6 July, GKFX – Once again, gold fails to breakthrough a bullish flag chart pattern formation on the 1-hourly chart, despite the post-NFP USD weakness and persistent trade war fears. 

6 July Gold Price Technical Forecast

With short-term technical indicators starting to lose their positive momentum, repeated rejection at higher levels now seems to suggest a possible retest of 100-hour SMA support.

 A subsequent slid could get extended towards the short-term descending trend-channel (flag) support, which if broken might negate prospects for any further recovery.

Gold 1-hourly chart

Spot Rate: $1255.66

Daily Low: $1252.83

Daily High: $1259.01

Trend: Sideways

Resistance

R1: $1261 (Wednesday’s one-week high)

R2: $1267 (horizontal zone)

R3: $1273 (50% Fibo. level of the $1309-$1238 downfall)

Support

S1: $1252 (100-period SMA H1)

S2: $1249 (H1 descending trend-channel support)

S3: $1242 (multi-month daily closing low set on Monday)

Disclaimer

This article 6 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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