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24.07.201716:33 Forex Analysis & Reviews: Daily analysis of Gold for July 24, 2017

Long-term review

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Overview

Gold price has settled around 1,254.56 level after the bullish rally in the recent sessions. The price closed last week above this level. The metal is paving the way to continue the bullish trend on the short-term basis to head towards the previously recorded top at 1,295.37 as a next main station. Therefore, we still suggest the bullish trend in the upcoming sessions supported by the EMA50 that keeps carrying the price from below. We take into consideration that breaking 1,245.00 will push the price to test 1,229.32 areas again before any new attempt to rise. The expected trading range for today is between 1,245.00 support and 1,265.00 resistance.

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