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Gold Daily Analysis – July 20, 2017

By:
R Ponmudi
Published: Jul 20, 2017, 09:08 UTC

On Thursday, Gold prices edge lower ahead of the European central bank critical meeting. Gold was trading at $1237.25, down 0.38% as of 09:00 GMT. Gold

Gold Daily Analysis

On Thursday, Gold prices edge lower ahead of the European central bank critical meeting. Gold was trading at $1237.25, down 0.38% as of 09:00 GMT. Gold has been well supported during the last week as concerns over the US & EU next rate hike are in focus.

Technical Outlook

Gold prices retraced to hit the previous support which has now become resistance line at $1240. The 4H chart has formed a “Falling wedge pattern”. In this pattern, prices broke above the resistance line at $1227. A break below $1227 and the market might continue towards $1204-$1210.

Gold 4H Chart
Gold 4H Chart

A small profit booking correction has been done as well as the new formation of “Ascending Triangle” which is a bullish trend in nature. If prices will drop, gold reach the $1227-1233 levels which will be an additional support. A rise in gold prices will push towards $1253.

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