FX.co ★ Daily analysis of Gold for July 29, 2016

Overview

The gold price settles above the EMA50 and above the bullish trend line keeping the bullish trend active for the upcoming period. Stochastic' attempts to get rid of its negativity and gain positive momentum on the intraday time frames support the chances of rise continuation on the intraday and short-term bases. Therefore, we believe that the way is open to head towards our main targets that begin at 1,375.00 and extend to 1,400.00; holding above 1,312.00 and 1,297.75 levels represents the key condition to achieve the suggested targets.

The expected trading range for today is between the 1,320.00 support and the 1,370.00 resistance.