Gold regains its bullish track – Analysis - 27-07-2017

Gold price rallied upwards strongly yesterday after the decline was stopped at the EMA50 that formed solid support base that pushed the price to regain the bullish trend again, as the price succeeded to breach 1254.56 level and hold above it, confirming the continuation of the bullish trend.

By taking a deeper look at the chart, we find that the price completed forming inverted head and shoulders' pattern that appears on chart, which means that the price has strong positive motive that reinforces the chances of heading towards the previously recorded top at 1295.37 as a next main station.

Therefore, the bullish trend will be suggested in the upcoming sessions, taking into consideration that the expected rise depends on holding above 1254.56 and 1244.00 levels.

Expected trading range for today is between 1250.00 support and 1280.00 resistance.

Expected trend for today: Bullish