Technical Outlook for Gold 17-6-2015

Technical Outlook for Gold 17-6-2015

Gold moved yesterday in the average movement of 118 PIPs, its highest level at 1187.73 and the lowest price at 1175.91 and closed at 1181.36 to lose 40 according to positive of building permits from USA.

Gold opened today's trading at volatile between 1179 and 1182 during the Asian session trading at 3 dollars for the poor liquidity in the market range, and in the European session the gold went down to 1177.

Gold moves in a series of down impulse waves after breaking the parallel price channel.

We saw yesterday the gold achieved our target at 1185.

It is expected that the yellow metal is heading targeting 1190 as the target on time frame of four hours and till now we see the Bulls control on market direction and the Bears waits the first Resistance to enter the market

And the Relative Strength Indicator "RSI" show us accumulation operations at the market

Today we could see sharp trading because of the economic data from USA

Support levels: 1175.60 and 1169.84 and 1163.78

Resistance levels: 1187.42 and 1193.48 and 1199.24

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