Comex Market Analysis and Trading Tips 25th July 2016
Gold Comex fell to a session low of $1,313.10 a troy ounce, just above a three-week low of $1,310.70. Gold prices lost $7.60, as renewed expectations for a Federal Reserve rate hike later this year boosted the U.S. dollar and as investors looked to buy into rising equity markets rather than purchasing safe-haven assets. Gold has been under pressure because of the stronger dollar and Gold prices extended losses from the prior session in European trade on Monday, holding near a three-week low. Technically, Gold may be poised for another fall in upcoming session, as it has made bearish harami candle stick on daily chart also making lower top and lower bottom formation from past few trading session. Technical indicators RSI is also trading in negative territory. On moving average it is trading below 200 and resistance of 50 DMA with appearance of dead cross on hourly charts. The main range is $1310 to $1340. Major support zone is at $1305. On higher side 1334 can react as good resistance mark on intraday basis.