Daily analysis of Gold for August 02, 2017

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Overview

Gold price shows some slight bearish bias by today's opening on its way for new retest process to the previously breached neckline of the inverted head and shoulders' pattern that appears on the chart before resuming the main bullish trend again. In general, the bullish trend still active on the intraday and short term basis supported by the EMA50 unless breaking 1254.56 level and holding below it, as breaking this level will push the price to visit 1229.32 areas before any new attempt to rise, while the waited positive targets begin at 1295.37 followed by 1312.00. The expected trading range for today is between 1254.00 support and 1280.00 resistance.

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