Gold Daily Analysis – August 2, 2017

Gold prices edge lower on Wednesday morning after the release of economic data which indicated a continuation of US economic growth. The new data has return the doubt whether the Federal Reserve may drop its plan to raise rates again this year.

Technical Outlook

For the last three consecutive days, Gold prices were unable to close above $1270.

In the the daily chart we can see the moving average cross as the Long term 100-day moving average crosses above the Short term 50-day moving average. This indicates a bullish momentum. Buy opportunity can be at $1251.

The current pattern has formed an “Ascending broadening wedge “ which hold the support at $1261. A break below can lead to the next support at $1254. On the other hand, a breaks of the last high at $1273 will push prices towards $1283.