Minor operating scale (Daily time frame)

The July battle of the metals: analysis of possible price movements from July 1^st

You can look through the previous review: Gold & Silver analysis, a four-hour time frame from June 24^th, 2020 Spot Gold

From July 1^st, 2020, the spot gold price will depend on the price direction when it breaks the range.

Resistance level – 1,805.00 – the UTL control line

Support level – 1,764.02 – local high

The spot gold price may go on rising if it breaks the UTL control line of the pitchfork that acts as the resistance level of 1,805.00 to move towards the lines of UWL61.8 (1,863.00) and UWL100.0 (1,953.00).

A downward movement will be possible, if the price breaks the support level of 1,764.02 (a local high) and the UTL control line (1,753.00) to reach the initial SSL line (1,720.00) and the limits of the ranges of 1,705.00 – 1,678.00 – 1,645.00 and 1,645.00 – 1,610.00 – 1,575.00.

Detailed information of the spot gold price movement from July 01, 2020 could be seen on the animated *. gif chart (it will be opened in a new tab).

Spot Silver

From July 1^st, 2020, the spot silver price will also depend on the price direction when it breaks the range.

Resistance level – 18.180 – the UTL control line.

Support level – 17.100 – the initial SSL line.

The uptrend of the spot silver price may continue if the price breaks the resistance level of 18.180 which acts as the UTL control line to hit the local high of 18.340. Besides, the price may start moving towards the line of UWL61.8 (19.160), the high of 19.610, and the line of UWL100.0 (20.450). The spot silver price may start falling if it breaks the initial SSL line that acts as the support level of 17.100. The price may move towards the initial SSL line (16.300) and limits of range of 15.400 - 14.570 - 13.700.Detailed information of the spot silver price movement from July 01, 2020 could be seen on the animated *. gif chart (it will be opened in a new tab).

The review was prepared regardless of the news background and trading sessions of the main financial centers. It is not a guide to set "sell" or "buy" orders.

You can find more analytical article on the InstaForex website. ZUP and Andrew's Pitchfork (terms and definitions).

Materials to study ZUP & APL's analysis