Daily analysis of Gold for July 31, 2017

GOLD-9.17H4.png

Overview

Gold price resumed its positive trading affected by the previously completed inverted head and shoulders' pattern, and the price gets continuous positive support by the EMA50, reinforcing the expectations of continuing the bullish trend on the short term basis, as our next target is located at 1295.37, while the full target of the mentioned pattern is located at 1312.00. Therefore, we will keep our bullish overview for the upcoming period conditioned by holding above 1254.56, noting that breaking this level will push the price to test 1229.32 and might extend to 1215.00 areas mainly. The expected trading range for today is between 1260.00 support and 1285.00 resistance.

The material has been provided by InstaForex Company - www.instaforex.com