76% of retail accounts lose money when trading CFDs with this provider. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Admiral Markets Group consists of the following firms:

Admiral Markets Pty Ltd

Regulated by the Australian Securities and Investments Commission (ASIC)

Admiral Markets Cyprus Ltd

Regulated by the Cyprus Securities and Exchange Commission (CySEC)

Admiral Markets UK Ltd

Regulated by the Financial Conduct Authority (FCA)
Note: If you close this window without choosing a firm, you agree to proceed under the FCA (UK) regulation.
Note: If you close this window without choosing a firm, you agree to proceed under the FCA (UK) regulation.
Regulator asic CySEC fca

Gold consolidating at 6-year highs – Today’s ISM’s a next bullish trigger?

July 01, 2019 11:00

Source: Economic Events July 1, 2019 - Admiral Markets' Forex Calendar

In several of our recent technical pieces, we saw Gold push with serious bullish potential if the multi-year-resistance zone around 1,360/365 USD, initially triggered by the US Federal bank on June 19.

And we weren't disappointed.

Over the last few days, the precious metal took on serious momentum and hit a first potential target on the upside around 1,440 USD, a potential stop-over up to the long-term target at 1,700 USD.

After Fed chief Bullard mentioned in a Bloomberg interview last Tuesday, that a 50bp rate cut in July would be overdone, Gold started to consolidate but stabilised above 1,400 USD.

Also technically, a corrective move seemed likely with the RSI(14) on a daily-time-frame hitting its highest level since February 2016.

That said, today's ISM Manufacturing data is very interesting, and should be carefully watched by traders: a data set coming in better than expected could trigger a deeper correction, even though we still consider a dip as low as 1,360/365 very optimistic in the days to come.

On the other hand, and based on our experience, we know Gold tends to be quite trend-stable and even if the mode looks quite extended, Gold could continue to trade even higher without looking back.

This seems especially true if the incoming US data continues to disappoint in the days to come. That said, further gains up to 1,480/490 USD, a high from May 2013, are a serious option, too:

Source: Admiral Markets MT5 with MT5-SE Add-on Gold Daily chart (between March 19, 2018, to June 28, 2019). Accessed: June 28, 2019, at 10:00pm GMT - Please note: Past performance is not a reliable indicator of future results, or future performance.

In 2014, the value of Gold fell by 1.7%, in 2015, it fell by 10.4%, in 2016, it increased by 8.1%, in 2017, it increased by 13.1%, in 2018, it fell by 1.6%, meaning that after five years, it was up by 6.4%.

Investing in Forex with Admiral Markets

Admiral Markets offers professional traders the ability to trade with a custom, upgraded version of MetaTrader 5, allowing you to experience trading at a significantly higher, more rewarding level. Experience benefits such as the addition of the Market Heat Map, so you can compare various currency pairs to see which ones might be lucrative investments, access real-time trading data, and so much more. Click the banner below to start your FREE download of MT5 Supreme Edition!

Download MetaTrader 5 and begin trading today!

Disclaimer: The given data provides additional information regarding all analysis, estimates, prognosis, forecasts or other similar assessments or information (hereinafter "Analysis") published on the website of Admiral Markets. Before making any investment decisions please pay close attention to the following:

  1. This is a marketing communication. The analysis is published for informative purposes only and are in no way to be construed as investment advice or recommendation. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.
  2. Any investment decision is made by each client alone whereas Admiral Markets shall not be responsible for any loss or damage arising from any such decision, whether or not based on the Analysis.
  3. Each of the Analysis is prepared by an independent analyst (Jens Klatt, Professional Trader and Analyst, hereinafter "Author") based on the Author's personal estimations.
  4. To ensure that the interests of the clients would be protected and objectivity of the Analysis would not be damaged Admiral Markets has established relevant internal procedures for prevention and management of conflicts of interest.
  5. Whilst every reasonable effort is taken to ensure that all sources of the Analysis are reliable and that all information is presented, as much as possible, in an understandable, timely, precise and complete manner, Admiral Markets does not guarantee the accuracy or completeness of any information contained within the Analysis. The presented figures refer that refer to any past performance is not a reliable indicator of future results.
  6. The contents of the Analysis should not be construed as an express or implied promise, guarantee or implication by Admiral Markets that the client shall profit from the strategies therein or that losses in connection therewith may or shall be limited.
  7. Any kind of previous or modeled performance of financial instruments indicated within the Publication should not be construed as an express or implied promise, guarantee or implication by Admiral Markets for any future performance. The value of the financial instrument may both increase and decrease and the preservation of the asset value is not guaranteed.
  8. The projections included in the Analysis may be subject to additional fees, taxes or other charges, depending on the subject of the Publication. The price list applicable to the services provided by Admiral Markets is publicly available from the website of Admiral Markets.
Leveraged products (including contracts for difference) are speculative in nature and may result in losses or profit. Before you start trading, you should make sure that you understand all the risks.