Gold price attempts to recover – Analysis - 23-07-2018

Gold price continues to rise to gradually approach the key resistance 1243.00, as stochastic still positive, while the price keeps moving inside the bearish channel that appears on the chart, to keep the overall bearish trend valid until now, supported by the negative pressure formed by the EMA50.

Note that breaking 1216.00 will ease the mission of heading towards our main waited target at 1204.80, while breaching 1243.00 represents the key to extend the price’s intraday gains to reach 1264.00 before attempting to return to decline again.

Expected trading range for today is between 1216.00 support and 1243.00 resistance.

Expected trend for today: Bearish