Technical Analysis: Spot Gold Prices Successfully Break Through Resistance

July 20th, Economies analysts’ latest views today: spot gold prices successfully broke through 1977.25 and closed above it in the K-line chart, which supports the continuation of the expected short-term bullish trend, and also opens the way for our new targets. The first target is 2000.00, followed by 2016.90.

Supported by the EMA50, the bullish channel was able to support the price increase, it is worth noting that a break below 1977.25 will stop the price from the expected increase and push the price to turn lower.

Today’s expected trading range is between the 1970.00 support level and the 2005.00 resistance level.