Technical analysis of gold for July 20, 2017

Gold price has stopped its rise at the short-term resistance level of $1,245. Gold price might pull back even further towards $1,230 if $1,235 is broken but overall I remain bullish looking for a move towards $1,260 at least.

Gold price is trading above the 4-hour Kumo (cloud) and the kijun-sen indicator (now at $1,229). Trend is bullish. Price is trading below the 4-hour tenkan-sen and this implies that we could see a further pull back towards the kijun-sen. Overall I believe the Kumo (cloud) will hold it and price will reverse back upwards towards our $1,260 target.

On a daily basis we remain below the Kumo (cloud). Long-term bulls want to see price break above $1,250-60. This will open the way for a move above $1,320. I remain long-term bullish Gold and in the short-term I believe we will see $1,250-60 area at least.The material has been provided by InstaForex Company - www.instaforex.com