Gold price tests the support – Analysis - 14-07-2020

Gold price faces intraday negative pressure to test the intraday bullish channel’s support line that appears on the chart, accompanied by stochastic approach to the oversold areas, noticing that the EMA50 meets the mentioned support to add more strength to it.

Therefore, these factors encourage us to continue suggesting the bullish trend for the upcoming period, which targets 1840.00 followed by 1860.00 levels as next main stations, noting that breaking 1777.00 will stop the expected rise and press on the price to start correctional bearish wave on the intraday basis.

The expected trading range for today is between 1785.00 support and 1830.00 resistance.

The expected trend for today: Bullish