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Gold Prices Drop in Volatile Trading - 30 June 2017

By Alp Kocak
Alp Kocak has been trading Forex since 2003. He writes technical analysis based on Japanese candlesticks and Ichimoku Kinko Hyo.

Gold prices ended Thursday’s session down $4.32 an ounce but remained within the trading range of the past two weeks. XAU/USD tested the $1240-$1239 area after the market failed to get back above the $1254 level. So far prices were unable to penetrate the Ichimoku cloud on the 4-hour chart, while buying interest near the $1240 level put a floor in trading range.

Downside risks remain as the market trades below the 1260.50-1259 area, the confluence of a horizontal resistance and the top of the 4-hourly cloud, though prices don’t have much room to go until we break down below the medium-term bullish trend-line. The bears will need to capture 1240/39 and 1236/4 to tackle the strategic support in the 1232/0 zone. A successful drop below 1230 could foreshadow a move to 1225.

XAUUSD Daily

To the upside, the initial resistance stands at 1254, followed by 1260.50-1259. Closing above 1260.50, at least on a daily basis, is essential for a bullish continuation towards 1273.50-1271.50. On its way up, expect to see resistance between the 1264 and the 1266 levels.

XAUUSD h4

Alp Kocak
About Alp Kocak
Alp Kocak has been trading Forex since 2003. He writes technical analysis based on Japanese candlesticks and Ichimoku Kinko Hyo.
 

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