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26 Jul 2018

Gold drops further, eyes $1220

  • Yellow metal extends slide as US Dollar remains firm. 
  • A daily close under $1220 would weaken the technical outlook, exposing 2018 lows. 

An extension of the US dollar rally across the board pushed gold prices further to the downside. The yellow metal dropped below $1,225/oz and fell to $1,222.45, hitting a 2-day low. 

So far, the price has fallen $10 and the short-term technical outlook turned bearish after breaking relevant support levels, including an uptrend line. A break below $1220 could accelerate the decline. 

The greenback gained momentum following the European Central Bank meeting and Draghi’s press conference. Also, higher US yields might have contributed to strengthening the rally of the DXY. On Friday, the key report will be growth data from the US (first reading of Q2 GDP). 

XAU/USD Levels to watch 

To the downside, support levels might be seen at $1220, followed by $1215 and $1211 (Jul 19 low). On the upside, resistance could be located at $1230, $1235 (weekly high) and $1245 (Jun 28 & 29 low). 
 

Jul 26, 2018

GBP/USD Technical Analysis: Bears take the lead and drive GBP/USD close to 1.3100 level

GBP/USD 15-minute chart  Spot rate:               1.3110 Relative change:    -0.60%      High:                      1.3214 Low:                
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Jul 26, 2018

Market wrap: USD strengthened against the G10 with CAD outperforming- ANZ

In a global market wrap, analysts at ANZ explained that Tech stocks (Facebook -20%) hurt the NASDAQ (-1.1%) while industrials lifted the Dow (+0.5%). 
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