GOLD, the ‘Brexit high’ hold on the way up!

mario urlic forex gold 04.07.

After ‘the Brexit day’ and 1358 high, the precious metal returned down on the consolidation level in between 1305 and 1335, after wich the simetrical triangle was formed in the next several days. You can see how the triangle was broken on Friday after wich the precious metal reached 1335 at first, 1248 latter on, where the gold closed the previous week. In the beginning of the new one, the support at 1335 manage to hold the sellers on the Asian opening and gold reached ‘Brexit level’ today, again during the second Asian sesion in this week, the 1357.40. The precious metal still looks strong enough and it’s holding the bullish momentum, but there is several trend lines on the way up, at first H4 trend line here at 1252, the stronger one (daily) at 1263 latter on. If that can be broken, 1390/95 and 1400 can be the next target for the buyers. On that level, the gold price was last time in March 2014. On the way down, 1240/35 is the first stronger support. Very interesting development after Brexit, after wich the gold price shows that the investors don’t trust in the stock market rally at the end of June.


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