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Gold Technical Analysis as on 07-07-2017

 
Gold prices are under a great selling pressure since couple of days. The yellow metal placed high 1294.77/oz on 7th of June and now trading near 1220/oz. more than 74 dollar drop in a month.
 
Technically more downfall expected because it has crossed the moving average of 100 and 200 days in daily graph. A strong trend line also crossed in daily graph. Expected targets for the yellow metal is 1195 in coming days.
 
Scenario: with respect to parabolic SAR, SMA100 &200 and the breakout of bullish trend line in daily graph we prefer selling near 1225 with expected targets 1205.
 
Pivot Point: 1225
 
Supports:
 
S1 1221.0000
S2 1218.0000
S3 1214.0000
 
Resistance:
 
R1 1228.0000
R2 1232.0000
R3 1235.0000

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