Gold price is trading lower after the first test of the 1,211.30 level to retest the previously breached resistance to the bearish correctional channel. Here, the price kept its stability above this level, accompanied by clear positive signals from the stochastic on the four-hour time frame. Therefore, these factors encourage us to keep our bullish trend expectations in the short term. The price needs to breach the 1,211.30 level to gather momentum that supports gains on the intraday and short-term basis. Let me remind you that our next main target is seen at 1,231.13, while the price needs to settle above 1,195.28 to keep the chances for a further rise. The expected trading range for today is between 1,195.28 support and 1,220.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Overview
Gold price is trading lower after the first test of the 1,211.30 level to retest the previously breached resistance to the bearish correctional channel. Here, the price kept its stability above this level, accompanied by clear positive signals from the stochastic on the four-hour time frame. Therefore, these factors encourage us to keep our bullish trend expectations in the short term. The price needs to breach the 1,211.30 level to gather momentum that supports gains on the intraday and short-term basis. Let me remind you that our next main target is seen at 1,231.13, while the price needs to settle above 1,195.28 to keep the chances for a further rise. The expected trading range for today is between 1,195.28 support and 1,220.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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