Technical analysis of gold for August 3, 2017

Gold price is pulling back towards $1,260-50 as we expected. Gold prices were showing signs of a weakening upward trend and a pull back was justified as we mentioned in previous posts.

Gold price is above the Ichimoku cloud in the 4-hour chart. Price has broken below both the tenkan- and kijun-sen (red and yellow line indicators) and is heading towards short-term support at $1,250-55. Resistance is at $1,273. Breaking resistance will open the way for $1,300-$1,310.

On a daily basis, Gold price is pulling back towards the Daily Kumo (cloud) as we expected in yesterday's analysis. Support is at $1,250 and next at $1,237. I remain longer-term bullish.The material has been provided by InstaForex Company - www.instaforex.com