Gold Price Predication for July 26, 2016

Gold prices rebounded from their lows despite a robust greenback following the softer than expected UK business confidence report.  Resistance on the yellow metal is seen near the 10-day moving average at 1,330.  Support is seen near the 1,310 level.  Momentum remains negative as the MACD (moving average convergence divergence) index prints in the red with a downward sloping trajectory which points to lower prices.  The RSI is printing near support and a break would point to lower prices.
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UK business confidence seen in the July UK CBI industrial trends survey showed a sharp drop, with the optimism component falling to a reading of -47 from -5 at the previous measure in April. This was the sharpest drop in business spirits since the dog days of 2009. The headline total orders figure fell to -4 from -1, while export orders dove to -22 from -14.