FX.co ★ Technical analysis of Gold for July 27, 2016

Gold price continues trading sideways and remains below short-term resistance levels. Once the trading range of $1,310-$1,325 is broken we will see either a move towards $1,280 or $1,350.

Gold price is below the red trend line resistance and below the 4 hour Kumo. The trend will change only if price breaks above $1,350. The short-term trend will change to neutral only if price breaks above $1,325. Support is at $1,310. Breaking below that level will open a move towards $1,280.

Gold price has started the correction of the entire rise from $1,045. A pullback towards $1,200-$1,180 is very possible. However, for this scenario to come true we first need to see a weekly close below $1,250. My longer-term view remains bullish and any pullback towards $1,200-$1,170 will be a gift for bulls.