9 July Gold Price Technical Forecast: Gold clocks 10-day highs


Gold  (futures on NYMEX) is seen fading the upmove to $ 1263.10 – fresh ten day tops, although remains above the $ 1260 mark amid persisting broad-based US dollar selling. What next should traders expect? The following 9 July Gold Price Technical Forecast offers key technical levels for trading gold in the day ahead.

9 July, GKFX – The greenback extended its bearish momentum and hit fresh three-and-a-half week lows against its major peers, in the wake of dismal US jobs data that showed slower-than-expected wage growth. A weaker greenback makes the USD-denominated gold cheaper for its buyers in foreign currency and vice-versa.

The latest leg down in the metal can be partly attributed to the risk-on sentiment prevalent across the financial markets, which usually tends to dampen the sentiment around the safe-haven gold.

Lingering US-Sino trade tensions support

However, gold prices will continue to derive some support from the ongoing US-China trade tensions and UK political uncertainty, especially after three Brexit Ministers resigned earlier today amid a split on the UK PM May’s new Brexit plan.

Looking ahead, the US inflation report will have a major impact on the bullion this week. In the meantime, the USD dynamics and risk trends will continue to drive the gold trades.

9 July Gold Price Technical Forecast

Omkar Godbole, FXStreet’ Analyst offer key technical levels for trading gold in the day ahead.

Resistances: $1,261 (July 4 high), $1,274 (23.6% of recent sell-off), $1,282 (May 21 low).

Supports: $1,254 (session low), $1,244 (June 28 low), $1,237 (July 3 low).

Disclaimer

This article 9 July Gold Price Technical Forecast was provided by 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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