Technical analysis of gold for August 1, 2017

Gold price remains in a bullish trend. In the short-term price is moving sideways in a tight range between $1,271 and $1,265. There are more chances for an upward break out and an extended to move higher towards $1,295-$1,310.

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Short-term support by the kijun-sen (yellow line indicator) is found at $1,257. Cloud support on the 4-hour chart is at $1,252. Only a break below the Kumo (cloud) support would be a signal for a short-term reversal and correction.

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Black line -long-term resistance

Blue line - long-term support

The weekly Gold candle is above the weekly Kumo (cloud) but still below the long-term black trend line resistance. I continue to expect that Gold price will eventually break above the black trend line and in the longer-term will move towards $1,500-$1,600.

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