The gold price showed clear negativity in the last sessions testing the intraday bullish trend line shown on the chart. Meanwhile, stochastic generated clear oversold signals providing positive motive that we expected to help the price resume the main bullish bias, which targets begin by testing the previously recorded top at 1,375.00. In general, we still expect the bullish trend in the upcoming period unless breaking 1,297.75 levels and opening the way to extend the bearish correction on the short-term basis. A breach of 1,378.00 levels will lead the price to 1,400.00 followed by 1,440.00 levels. The expected trading range for today is between the 1,325.00 support and the 1,375.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Overview
The gold price showed clear negativity in the last sessions testing the intraday bullish trend line shown on the chart. Meanwhile, stochastic generated clear oversold signals providing positive motive that we expected to help the price resume the main bullish bias, which targets begin by testing the previously recorded top at 1,375.00. In general, we still expect the bullish trend in the upcoming period unless breaking 1,297.75 levels and opening the way to extend the bearish correction on the short-term basis. A breach of 1,378.00 levels will lead the price to 1,400.00 followed by 1,440.00 levels. The expected trading range for today is between the 1,325.00 support and the 1,375.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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