Daily analysis of Gold for August 03, 2017

GOLD-9.17H4.png

Overview

Gold price trading settles near the neckline that appears in the image keeping its stability above this level, and the EMA50 continues to protect the price from suffering more of the losses, therefore, our bullish trend expectations will remain valid for today, and the positive effect of the inverted head and shoulders pattern remains active, waiting for targeting 1295.37 then 1312.00 levels mainly. Holding above 1254.56 represents an important condition for the continuation of the suggested rise, where breaking it will push the price to decline to 1229.32 levels before any new attempt to rise. The expected trading range for today is between 1254.00 support and 1280.00 resistance.

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