Gold price managed to breach the bearish channel’s resistance that appears on the above chart, which supports the continuation of the bullish trend scenario efficiently in the upcoming period, opening the way to head toward our next main target at 1,172.68, but we notice that the EMA 50 forms good resistance at 1,137.00, which means that breaching this level will ease the mission to achieve the required rise. Therefore, our bullish trend expectations will remain valid in the upcoming period unless breaking 1,124.88 and holding below it, as breaking this level will push the price to suffer more losses that target the previously recorded low at 1,047.61 as a next main station. The expected trading range for today is between 1,124.88 support and 1,154.75 resistance.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Overview
Gold price managed to breach the bearish channel’s resistance that appears on the above chart, which supports the continuation of the bullish trend scenario efficiently in the upcoming period, opening the way to head toward our next main target at 1,172.68, but we notice that the EMA 50 forms good resistance at 1,137.00, which means that breaching this level will ease the mission to achieve the required rise. Therefore, our bullish trend expectations will remain valid in the upcoming period unless breaking 1,124.88 and holding below it, as breaking this level will push the price to suffer more losses that target the previously recorded low at 1,047.61 as a next main station. The expected trading range for today is between 1,124.88 support and 1,154.75 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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