Gold price approached from testing the main bullish trend line that rises now to 1347.50 and bounced bullishly from there. This keeps the bullish trend scenario valid efficiently for the upcoming period. This stochastic reaches the thresholds of the oversold areas, providing positive motive that we are waiting to assist to push the price to resume the bullish bias. Therefore, we will keep our bullish overview that its next main target located at 1400.00, supported by the EMA50. Noting that is above 1347.50 level represents the first protecting factor to the continuation of the suggested rise.
The expected trading range for today is between the 1347.50 support and the 1400.00 resistance
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Overview
Gold price approached from testing the main bullish trend line that rises now to 1347.50 and bounced bullishly from there. This keeps the bullish trend scenario valid efficiently for the upcoming period. This stochastic reaches the thresholds of the oversold areas, providing positive motive that we are waiting to assist to push the price to resume the bullish bias. Therefore, we will keep our bullish overview that its next main target located at 1400.00, supported by the EMA50. Noting that is above 1347.50 level represents the first protecting factor to the continuation of the suggested rise.
The expected trading range for today is between the 1347.50 support and the 1400.00 resistance
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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