FX.co ★ Daily analysis of Gold for July 25, 2016

Overview

The gold price is testing the intraday bullish trend line shown on the chart. Stochastic reaches oversold areas, creating a positive factor that we are awaiting to make the price resume the main bullish bias that depends on the stability above 1,297.75. Therefore, we are waiting for positive trades in the upcoming sessions. The targets begin at 1,375.00 and extend to 1,400.00, taking into consideration that a break of 1,311.00 followed by 1,297.75 will confirm completing of negative formation that has the ability to push the price to visit 1,249.95 before any new attempt to rise. The expected trading range for today is between the 1,300.00 support and the 1,350.00 resistance.