On Wednesday (July 17), gold reached an all-time high at $2,483, but there was some selling pressure until the technical picture came in. The Shooting Star candle reversed down on the daily time frame, while the price did not make a new high yesterday (July 18) and fell to a low of $2,450, and was forced to sell. The selling followed until today (July 19) and the price fell near the support level, making it a low of $2,413, under pressure from and strengthening the dollar index. In response to the weak pound, after England revealed retail sales in June, things turned around, falling -1.2% from the original increase of 2.9% in May tonight, and we may watch for additional data from Fed officials. Due to the previous morning, gold was under pressure from Mary Daly, President of the Federal Reserve Bank of San Francisco, who said: “The Fed should be careful not to move too quickly, we need to be more confident. Before starting to cut interest rates,” a different stance from “Powell” who recently relaxed.
advice
It is recommended to take a risk by opening a sell position. If the price cannot stand above the resistance level of $2,439-2,450 per ounce.
Gradually close the sell position to make profit. If the price moves down, it can stand above the support level of $2,409-2,387 per ounce.
Cut losses on short positions if the price breaks the resistance level of $2,450 per ounce.
This article was produced by YLG Bullion International.
For more information, call 02-687-9888 press 1 or visit ylgbullion.co.th
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