Gold analysis – 31 July 2019

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By: Ahura Chalki

FED on focus!

This is the news of the day, interest rate decision in the US! The largest economy of the world’s decision is that important that most markets are waiting to hear from there, first! Gold kept its slow uptrend up to $1433 overnight and now trading above $1429. For now and from the fundamental side, we have just to wait and see the FOMC decision.

From the technical side, Price is moving above EMA200 and between middle and upper wings of Bollinger bands, with a clear positive signal, which RSI also with moving above 50-levels, remains and confirms that, as well.

 

Pivot point: 1429.05

Resistance levels: 1435.90 / 1439.95

Support levels: 1425.00 / 1418.15

The expected trading range for today is between 1418.25 support and 1435.90 resistance.


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