Further to a drop from its highest level of 1295, reached at the beginning of June, Gold price has registered the highest price of the month, going from its low 1204 to 1230.

The Heikin-Ashi chart has showed a clear uptrend on gold. However, Gold price hasn’t breached the strong Resistence at 1295 back in the first week of June. In fact, further to a test of it, price started to go down up to the end of the month, by extending the loss over the trend line. It technically means that uptrend has been broken and gold price must go down.

 

Will gold extend the gains over the 200MA or it is a result of a retracement?