FX.co ★ Daily analysis of Gold for July 22, 2016

Overview

The gold price showed some bearish bias after it found sold resistance formed by the EMA50. Besides, Stochastic shows negative signals that might push the price for more negative attempts before turning back to rise. In general, we still expect the bullish trend for the upcoming period unless breaking and holding below 1,297.75 levels. The price needs to breach 1,330.00 levels to reinforce the expectations of heading towards the mark of 1,375.00 that represents the first target of the suggested bullish wave.

The expected trading range for today is between the 1,315.00 support and the 1,360.00 resistance.