Gold is stable – Analysis - 28/07/2015

Gold price still stable below 1100.00 level, and stochastic begins to head downwards to support the continuation of the decline expectations in the upcoming period, while the EMA50 keeps pushing negatively on the intraday and short term trading.

Therefore, we will continue to suggest the bearish trend on the intraday and short term basis, waiting to test 1055.00 level mainly, reminding you that holding below 1142.60 level represents a major condition to achieve the suggested target, as breaching this level will push the price to visit the bearish channel’s resistance around 1183.00 before attempting to resume the bearish wave

Expected trading range for today is between 1060.00 support and 1110.00 resistance.

Expected trend for today: Bearish