Technical analysis of gold for July 27, 2017

The Gold price reversed from $1,247 support area and made a new higher high above $1,260. Our minimum target since $1,205 has been reached. A break below $1,245 confirms the upward move is complete and correction will have started.

Red rectangle - support

Blue trend line - support

The Gold price remains in a bullish trend as the price is above both the tenkan- and kijun-sen. Price is making higher highs and higher lows. Support at $1,245, where the previous highs were, was held and price reversed higher as expected for a new high.

Daily price action is about to turn trend to bullish as the price is trying to break above the daily Kumo(cloud). Resistance is at $1,265. Support is at $1,255. Bulls now need to be cautious and raise stops to yesterday's lows.The material has been provided by InstaForex Company - www.instaforex.com