Gold price faces negative pressure – Analysis - 22-07-2019

Gold price bounced bearishly after testing 1450.00$ barrier, to approach the bullish trend line that appears on the chart, and the EMA50 meets this support to add more strength to it, noticing that stochastic begins to provide positive overlapping signal on the four hours’ time frame.

Therefore, these factors encourage us to suggest the bullish bias in the upcoming sessions, and the price needs to breach 1450.00 level to confirm opening the way to head towards our next main target that reaches 1500.00, taking into consideration that breaking 1410.90 will stop the expected rise and press on the price to start bearish correction on the intraday basis.

The expected trading range for today is between 1415.00 support and 1460.00 resistance.

The expected trend for today: Bullish