07.10.201917:16 Forex Analysis & Reviews: Gold 10.07.2019 - Support of the trading range on the test, watch for potential long entry

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Gold has been trading in consolidation zone between the price of $1,495 (support) and $1,519 (resistance). The support is on the test today and I do expect potential rally back to the $1,514.

Red rectangle – Important support

Green rectangles – Trading range

Gold did test and reject of the important support at $1,495, which is sign that there is still upward pressure potential. There is an chance that Gold try to trade towards $1,514. MACD looks neutral with the bar divergence in the background. As long as the level of $1,519 is holding, watch for long entries. In case of the downward breakout of the trading range, watch for selling with the target at $1,481.

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