Technical Analysis: Gold Prices Tried to Return to Downtrend Channel on July 7

July 7th, Economies analysts’ latest opinion today: Gold prices closed below 1913.15 yesterday, which confirmed the continuation of the short-term downward trend, and tried to return to the downward channel, waiting for a further decline to reach the next target of 1873.50.

EMA50 continues to support the downside view, a break above 1907.00 would enable further declines, while a break above 1913.15 would cause prices to begin a resumption of gains, testing 1929.00 before resuming the downtrend and possibly extending to 1945.20.

Today’s expected trading range is between 1890.00 support and 1925.00 resistance.