as mentioned in Technical AnalysisThe main trend is up according to the daily swing chart.
A move through $1289.40 will change the main trend to down.
A weaker number will drive down U.S. Treasury yields and the U.S. Dollar, making gold a more attractive investment.
December Comex gold futures are trading slightly lower shortly before the regular session opening and the release of the U.S. Quarterly Advance GDP at 1230 GMT.
It there is a change in trend to down then its retracement zone at $1241.20 to $1234.10 will become the primary downside target.
(GC) Technical Analysis – July 28, 2017 predection
as mentioned in Technical AnalysisThe main trend is up according to the daily swing chart, however, today’s session begins with the market in the window of time for a closing price reversal top.
Any selling is likely to be labored because of the many potential downside targets.
ForecastBased on the current price at $1274.40, the nearest downside target is the steep uptrending angle at $1271.10.
The next major upside target comes in at $1305.50.
A trade through $1249.40 will change the main trend to down.
as mentioned in The dollar continued to decline versus the Euro, which continues to help pave the way for higher gold prices.
Gold prices were nearly unchanged on Monday, buoyed by a weaker dollar, but soft inflation, which was expected, somewhat undermined prices.
Resistance is seen near the June high at 1,296.
Support is seen near the 10-day moving average at 1,254.
The headline rate remains far below the ECB’s upper limit for price stability, but an unexpected uptick in the core rate to 1.2% year over year from 1.1% Year over year spooked markets and sent yields higher along with the Euro.
collected by :Irax John