Gold attacks the moving average – Analysis - 22-07-2016

Gold price continues its positive trading to begin the attempts to surpass the EMA50, which supports the continuation of the bullish trend scenario efficiently for the upcoming period, targeting regaining the main bullish trend that its targets begin by testing the previously recorded top at 1375.00, noting that breaching this level will extend gold price gains to reach 1400.00 followed by 1450.00.

Stochastic reaches the thresholds of the overbought areas, which might cause some temporary sideways fluctuation before resuming the expected rise, which its continuation conditions holding above 1297.75.

Expected trading range for today is between 1315.00 support and 1360.00 resistance.

Expected trend for today: Bullish