July 12th, Economies.com’s analysts’ latest opinion today: Gold prices have confirmed that they have broken through the 1929.00 level and closed on the daily chart, close to the most important resistance level at 1945.20.
Gold prices are positively supported by EMA50, but Stochastic is showing a negative signal that may hinder further upside scenarios.
Therefore, we are more inclined to wait and see until we get a clearer signal of the next trend, by breaking the 1945.20 resistance level or breaking the 1929.00 support level.
It is worth noting that a break above this resistance will allow prices to rise further, to 1977.25, while a break below support will move towards a test of the 1913.15 level, which will be the key to the next negative target of 1873.45. The expected trading range of gold today is between 1920.00-1960.00.
