Technical analysis of gold for July 21, 2017

Gold price held the $1,235 support yesterday and has broken to new short-term highs. Price is trading just below $1,250 and our target of $1,260 is very close. Trend is bullish.

Gold price is trading above both the tenkan- and kijun-sen indicators. Trend is bullish in the 4 hour chart. Price held above short-term support at $1,235 yesterday despite the initial selling pressures. Price made a new higher high confirming bullish trend.

On a daily basis Gold remains in a bearish trend as price remains below the Kumo (cloud). Resistance is at $1,250-60 area. This was our minimum target area and we are approaching as planned. Gold may see some sellers here and a pull back. Taking partial profits is preferred.The material has been provided by InstaForex Company - www.instaforex.com