Gold surpasses the first target – Analysis - 17-07-2017

Gold price begins this week positively to manage to breach 1229.32 level and hold above it, which supports the expectations of extending the bullish wave on the short term basis, opening the way to head towards 1254.56 that represents our next main target, as the price gets positive motive through the inverted head and shoulders' pattern that was completed previously and appears on chart.

Therefore, we will continue to suggest the bullish trend in the upcoming sessions supported by the EMA50, noting that stochastic current negativity might push the price to retest the breached neckline that turns into support now at 1223.50 before any new attempt to rise.

Expected trading range for today is between 1223.50 support and 1250.00 resistance.

Expected trend for today: Bullish