Gold Needs Positive Determination - Analysis - 20-07-2017
Gold is trading around 1240.00, and the price may have to be further sideways until Stochastic is able to get rid of its negativity and gain a positive momentum enough to push the pair to continue the bullish trend. The bullish scenario is still valid and steady at 1229.32.
The SMA 50 continues to provide positive support for the pair to reinforce the chances of a continuation of the suggested positive scenario, while recalling our next target at 1254.56, which represents a breach of the key towards the 1295.37 near-term highs in the near term.
The trading range for today is among the support at 1229.32 and resistance at 1254.56
The general trend for today is bullish
How would you relate the falling USD to the sideways trend of gold? Do you think it will have bullish or more bearish influence?
In the meanwhile as our analysis we see it's going bullish for now. If any thing happens or any news to the market we will have another analysis saying to market condition.