July 6 2022

XAUUSD Technical Analysis

Gold like everything else yesterday came under heavy selling pressure from a surging USD.

A new low for 2022 at 1763.80 was recorded, breaking support at 1786/1784 on the way down. It looks likely we will see a correction to this sharp down move.

Immediate resistance is seen at 1776.00, and then stronger resistance is going to be found at 1784/1786.00 which really needs to be broken to relieve the downside pressure.

First support is at 1764/1762 which if broken would allow another drop to 1752/1750.

Published by Neil Callard

Forex Trader and Educator. 30 years trading experience, of which 20 years was market making in major currencies in large international financial institutions.

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