Gold price tested the critical resistance level at 1,211.30 as we mentioned this morning. The price needs to breach this level to confirm the continuation of the positive scenario in the short term. The next main target is located at 1,231.13. Therefore, we will keep our positive expectations unless the price breaks 1,195.28 and holds below it. The current negativity of the stochastics might force the price to show some temporary declines before resuming the expected bullish bias. Besides, we should bear in mind that breaking 1,195.28 will turn the price to the bearish correctional track, so its next target is seen at 1,179.26. The expected trading range for today is between 1195.28 support and 1220.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Overview
Gold price tested the critical resistance level at 1,211.30 as we mentioned this morning. The price needs to breach this level to confirm the continuation of the positive scenario in the short term. The next main target is located at 1,231.13. Therefore, we will keep our positive expectations unless the price breaks 1,195.28 and holds below it. The current negativity of the stochastics might force the price to show some temporary declines before resuming the expected bullish bias. Besides, we should bear in mind that breaking 1,195.28 will turn the price to the bearish correctional track, so its next target is seen at 1,179.26. The expected trading range for today is between 1195.28 support and 1220.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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