Technical analysis: Gold prices wait to gain positive momentum

July 19th, Economies.com’s analysts’ latest views today: gold prices stabilized around 1977.25, and encountered strong resistance there, waiting to gain positive momentum to push the price to break through this level and move towards the next target , the target was extended from 2000.00 to 2016.90.

Affected by the previously completed double bottom pattern, EMA50 continues to support the suggested rise. It is worth noting that a sustained sideways movement at 1977.25 will put the price under downward pressure during the session, targeting 1945.20 before another attempt to rise.

Today’s trading range is expected between 1960.00 support and 1995.00 resistance.