05.07.201618:31 Forex Analysis & Reviews: Daily analysis of Gold for July 05, 2016

Long-term review

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Overview

The gold price tests the bullish trend line shown in the image and keeps trading steadily above this level. Stochastic reaches the thresholds of the oversold levels now, supporting the chances of resuming the main bullish trend, which next target is located at 1,400.00. Therefore, the positive scenario will remain valid for today conditioned by holding above 1,341.00, where a break of this level represents a negative factor that we expect to push the price to test the most important support for the short-term trading at 1,303.58 before any new attempt to rise.

The expected trading range for today is between the 1,330.00 support and the 1,380.00 resistance.

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