DAILY TECHNICAL ANALYSIS FOR JULY 08, 2022petar skakalov
Current level – 1.0186
The bears managed to violate the psychological level at 1.0200, but the pair formed a support zone at 1.0150, which limited the sell-offs. At the time of writing this analysis, the pair is hovering just above the mentioned support and the expectations for today’s trading session are for a correction towards the resistance at 1.0270. Only a successful breach of the support at 1.0150 would pave the way for the pair towards the critical support at 1.0100. During today’s session, market participants will closely follow the announcement of the non-farm payroll change data for the U.S. (12:30 GMT), together with the unemployment rate change data, again for the U.S. (12:30 GMT).
Current level – 135.96
The resistance at 136.30 still withholds the attacks of the bulls and the forecast for today’s trading session is for the pair to head towards a test of the support at 134.77. Consequently, the pair may consolidate in the range of 134.77 – 136.27. If the bulls prevail and manage to breach the resistance zone at 136.30, then an upward movement may develop towards the high at 136.70.
Current level – 1.2027
The pair bounced back from the support at 1.1872 and the bulls took control and violated the psychological level at 1.1200. The pair would most probably consolidate above 1.1200, with an upper border of 1.2100. If the bears enter the market and lead the pair below 1.1200, then we may expect a downward movement towards the support at 1.1873. However, the market sentiment remains positive – for a continuation of the upward movement towards the key resistance at 1.2180, which scenario is likely to be realised only after a confirmed breach of the resistance at 1.2100.
Gold price within negative pattern
Gold price’s recent trades are confined within bearish flag pattern that appears on the chart, thus, the price needs to break 1738.00 level to get neative motive that assist to rally towards our main waited target at 1700.00.
Therefore, the bearish trend scenario will remain valid and active for the upcoming period, supported by the negative signal provided by stochastic now, reminding you that holding below 1765.00 and 1780.25 levels is important to continue the expected decline.
The expected trading range for today is between 1720.00 support and 1760.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis