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15.07.201915:43 Forex Analysis & Reviews: Gold price remains trapped inside the short-term trading range

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Gold price trades around $1,415 with price trapped inside the trading range its been in since the beginning of July. Gold price mainly moves sideways respecting both support at $1,385 and resistance at $1,439.

Red rectangle - support area

Yellow rectangle - resistance area

Gold price is in a neutral short-term trend trading between $1,440 and $1,385. If support fails to hold we should first see a move towards $1,350 and maybe towards $1,330-$1,300. If resistance at $1,440 breaks we should first see a move towards $1,500 and maybe $1,525-35. In shorter time frames we should keep a close eye on $1,400 support and $1,427 resistance. Breaking either of these two levels will increase the chances of breaking the more important levels.

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