Midday update for Gold 22-07-2016
Economies.com
2016-07-22 11:12AM UTC
Gold price shows some bearish bias after it found sold resistance formed by the EMA50, besides that stochastic shows negative signals that might push the price for more negative attempts before turning back to rise.
In general, we will continue to suggest the bullish trend for the upcoming period unless breaking 1297.75 and holding below it, and the price needs to breach 1330.00 level to reinforce the expectations of heading towards 1375.00 that represents the first target of the suggested bullish wave.
Expected trading range for today is between 1315.00 support and 1360.00 resistance.
Expected trend for today: Bullish
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