Gold price managed to hit our expected target at 1,208.92 and has settled there, while stochastic has reached the oversold levels. This forms a positive background that could enable the price to recover in the nearest sessions, waiting for testing 1,229.32 level initially. Therefore, the bullish bias will be preferred for today on condition of holding above 1,208.92 level. Breaking this level will push the price to target 1,188.52 directly, while breaching 1,229.32 will extend gold gains to reach 1,254.56 on the short-term basis. The expected trading range for today is between 1,200.00 support and 1,235.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Overview
Gold price managed to hit our expected target at 1,208.92 and has settled there, while stochastic has reached the oversold levels. This forms a positive background that could enable the price to recover in the nearest sessions, waiting for testing 1,229.32 level initially. Therefore, the bullish bias will be preferred for today on condition of holding above 1,208.92 level. Breaking this level will push the price to target 1,188.52 directly, while breaching 1,229.32 will extend gold gains to reach 1,254.56 on the short-term basis. The expected trading range for today is between 1,200.00 support and 1,235.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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