FX.co ★ Daily analysis of Gold for July 20, 2017

Overview

Gold price has settled around 1,240.00 level, and the price might be forced to show more sideways fluctuation until stochastic manages to get rid of its negativity and gain enough positive momentum to continue the bullish trend. The bullish scenario is still valid and active as long as the price is holding above 1,229.32. The EMA50 is still providing the positive support to the price to reinforce the chances of the bullish scenario. Let me remind you that our next target is located at 1,254.56. If breached, it represents the key to rally towards the previously recorded top at 1,295.37 on the near-term basis. The expected trading range for today is between 1,229.32 support and 1,254.56 resistance.