Gold prices fall for 5 months in a row, the expert forecast
Will start the analysis of the gold monthly chart. Today is the last day of July. Wednesday will be a new monthly bar. It is unlikely that the price of gold closes above $1252 per Troy ounce and the current power will change between buyers and sellers. On a monthly time frame a sideways movement lasts from June 2013. The resistance is the area $1365 to $1390. To date, the gold depreciates against the U.S. dollar for five consecutive months. The decline began in April after failing to pass the mark of $1365 per ounce.
According to “Alpari gold”, the pressure on gold comes from the strengthening of the dollar against the background of tightening monetary policy in the United States. The focus of traders is the two-day meeting of the American regulator, the results of which will be announced Wednesday, August 1. It is expected that the fed will keep rates at the current level of 1.75% -2%. While traders are interested in whether the fed plans to further raise interest rates this year or not.
The price of gold in may left the channel B-B, and now leaves the channel A-A. On the way from sellers trend line TR2 ($1185). Given the direction indicators, I think the level is reached in the near future. Starting from the monthly chart, then make the balance on the weekly and daily time-frames to consider in detail the fall.
Previously, we reported that at the moment in the prices of the most popular precious metal is present and the “India factor”, which in early summer has reduced the import of gold by 30% at once.