FX.co ★ Daily analysis of Gold for July 18, 2016

Overview

The sideways range still dominates the gold dynamic. The price still trades below the EMA50, which forms intraday negative pressure that we are awaiting to make the price visit 1,303.58 – 1,297.75 levels before turning back to resume the main bullish trend. Therefore, we still predict the temporary bearish trend for the upcoming sessions. A break of the mentioned levels will push the price for bearish correction, which targets extend to 1,249.95. A break of the 1,375.00 levels will make the price resume the main bullish trend and will stop the current negative pressure.

The expected trading range for today is between the 1,303.58 support and the 1,350.00 resistance.