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Gold Daily Analysis – July 24, 2017

R Ponmudi

Gold is trading slightly lower on Monday morning after it rose to the highest level in the last month.

On Wednesday, the Fed is expected to deliver its views on interest rates ahead of U.S. second quarter GDP to be released on Friday.

Last Friday, Gold prices rose for a six consecutive day to the largest weekly gain in two months as the U.S. dollar fell to its lowest level in more than a year.

Technical Outlook

The 100-day moving average has crossed above the 50-day moving average, as seen in the chart which signals a trend reversal. Currently a bullish trend might pull prices towards $1300.

Gold Daily Chart

The daily chart has formed a “Falling wedge pattern”. In this pattern, prices broke above $1227 which affirms that sentiment has turned from negative to positive.

This article was originally posted on FX Empire