Gold, Daily Chart Analysis 7/4

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
1. The manipulators got rid of 30 percent of yearly Gold mine production in several hours last week. There has been tremendous interest coming from higher-end traders/investors in buying Yellow physical metal intended for wealth protection needs. The potential risks on the global economic climate as well as the financial system are so significant that any kind of small catalyst can easily break open the most significant bubble in history in the nanosecond.

2. The major rally in the Yuan currency on Tuesday (July 2) has been met through lack of strength in the US Dollar . This, in turn, has launched a boost in the Gold and Silver metal markets during the early trading and may even mark a summer bottom level for the Gold market.

3. Price action has confirmed the value of the mid-term bullishness sentiment bouncing off Key Support $1242 established on Dec 11, 2017.

4. The latest price action has created a new intermediate-term, Mean Resistance $1261 and Key Support of $1241 and upside disruption will undoubtedly bring mild short-term bullish implications, having upside target to Key Resistance of $1270.

5. Current Gold Strategy Bias: Bullish 60 / Bearish 40


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