Gold Daily Analysis – July 25, 2017

Gold prices were almost unaffected over the good economic data just before the Federal Reserve’s policy meeting later this week. Gold holds near one month high on Tuesday morning at $1254.75.

As the Federal Reserve’s policy meeting is scheduled for Wednesday, analysts expect the Fed to keep rates unchanged.

Technical Outlook

The 100-day moving average crossed above the 50-day moving average, as seen in the chart which signal a reversal trend.

Based on the previous technical observation, the daily chart has formed a “Falling wedge pattern”, which signals a bullish trend that can push prices towards $1260. Prices might consolidate around this area and $1250 would be today’s support. A break below, and prices might pull back to $1246-$1240 levels.