Gold under the pressure of the moving average – Analysis - 23/07/2014

Gold price’s trading settles below 1314.60, where the price is affected by the negativity of the EMA50 which decelerates the suggested positive scenario on the intraday basis, which depends on the stability above 1300.00 – 1290.00.

In general, we remain preferring the bullish trend in the upcoming period unless breaking the aforementioned levels, waiting for breaching 1314.60 level to confirm heading towards 1344.45, which breaching it represents the key for the gains extension towards 1400.00.

Expected trading range for today is between: 1290.00 support and 1344.45 resistance.

Expected trend for today: Bullish