{"id":54443,"date":"2014-07-18T08:13:14","date_gmt":"2014-07-18T12:13:14","guid":{"rendered":"http:\/\/countingpips.com\/?p=54443"},"modified":"2014-07-18T08:18:19","modified_gmt":"2014-07-18T12:18:19","slug":"gold-continues-to-favor-dips-below-1300","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/07\/gold-continues-to-favor-dips-below-1300\/","title":{"rendered":"Gold Continues To Favor Dips Below $1300"},"content":{"rendered":"<div id=\"inves-3017613821\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">July 18, 2014<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>Technical Sentiment: <strong>Bearish<\/strong><\/p>\n<p><strong>Key Takeaways<\/strong><\/p>\n<ul>\n<li>Gold rally capped at $1,324 \u2013 61.8% Fibonacci Retracement;<\/li>\n<li>Short term swing configuration suggests Lower Low<\/li>\n<li>$1307 remains the main pivot zone to be crossed.<\/li>\n<\/ul>\n<p><em>Gold offered absolutely no follow-through for yesterday\u2019s rally, mainly due to markets cooling off after the Malaysian Air flight crash.<\/em><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Technical Analysis<\/strong><\/p>\n<p>From a technical perspective, this week\u2019s decline below $1,307 invalidated the upswing configuration of Higher Lows and Higher Highs, signaling a weakness that may very well continue early next week. Gold currently trades around $1,311 as the US session is about to begin, with constant selling pressure on the smaller time frames. The selling pressure is confirmed by the first Lower High formed at $1,324.64, a perfect 61.8% Fibonacci correction based on the bearish swing from $1,344.86 down to $1,291.92.<\/p>\n<p><a href=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/07\/Gold-18th-July.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-5047\" src=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/07\/Gold-18th-July.png\" alt=\"Gold 18th July\" width=\"700\" height=\"344\" \/><\/a><\/p>\n<p>As the precious metal continues lower, traders will focus on several key support levels where price is likely to bounce. $1,307 represents a crucial price pivot zone, just several points below current price level, and a sustained break below will open the way towards $1,300 and $1,297 (200 Simple Moving Average on the 4H time frame \u2013 a line perfectly respected on the most recent bounce). The third support area is located around $1,277, representing a perfect location for a Lower Low if the slide continues as predicted.<\/p><div id=\"inves-2053530140\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p>It\u2019s important to observe that on the larger time frames, Gold remains directionless, embracing a range personality with increasingly tighter ranges (Higher Lows and Lower Highs, indicating a Triangle chart pattern is forming). Based on this observation, traders should refrain from picking distant targets for trades, since Gold is likely to increase the frequency of whipsaws and reversals as the trading ranges narrow.<\/p>\n<p>*********<br \/>\n<em>Prepared by Alex Z., Chief Currency Strategist at <\/em><a href=\"\u201dhttp:\/\/www.capitaltrustmarkets.com\/\u201d\"><em>Capital Trust Markets<\/em><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Technical Sentiment: Bearish Key Takeaways Gold rally capped at $1,324 \u2013 61.8% Fibonacci Retracement; Short term swing configuration suggests Lower Low $1307 remains the main pivot zone to be crossed. Gold offered absolutely no follow-through for yesterday\u2019s rally, mainly due to markets cooling off after the Malaysian Air flight crash. &nbsp; Technical Analysis From a [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-54443","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/54443","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=54443"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/54443\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=54443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=54443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=54443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}