Gold price has settled at the critical support level of 1,263.17. Please note that stochastics is showing clear signals of oversold market consitions. This creates momentum that we await to encourage a further rise again. This keeps the bullish scenario valid in the short term. Be aware that breaking 1,263.17 and holding below it will push the price to decline and test levels from 1,250.00 and downward to 1235.00 before any new positive attempt. Our main upward targets begin at 1,300.00 extending to 1,350.00. Breaching 1,277.00 will ease the mission to achieve the suggested targets. The expected trading range for today is between 1,255.00 support and 1,290.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Overview
Gold price has settled at the critical support level of 1,263.17. Please note that stochastics is showing clear signals of oversold market consitions. This creates momentum that we await to encourage a further rise again. This keeps the bullish scenario valid in the short term. Be aware that breaking 1,263.17 and holding below it will push the price to decline and test levels from 1,250.00 and downward to 1235.00 before any new positive attempt. Our main upward targets begin at 1,300.00 extending to 1,350.00. Breaching 1,277.00 will ease the mission to achieve the suggested targets. The expected trading range for today is between 1,255.00 support and 1,290.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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