Gold price has breached 1,214.30 level after closing the daily candlestick above it. This activates the bullish scenario on the intraday basis. 1,229.32 level is targted initially, which represents 38.2% Fibonacci level which was broken previously to turn into the key resistance now. Therefore, the bullish trend will be suggested for the short term unless breaking 1,208.92 level and holding below it. Please note that stochastic and the EMA50 clearly indicate negativity that could make the rising mission harder. Breaching 1,229.32 represents the key to extend Gold price gains to reach 1,254.56 as the next main station. The expected trading range for today is between 1,208.00 support and 1,235.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Overview
Gold price has breached 1,214.30 level after closing the daily candlestick above it. This activates the bullish scenario on the intraday basis. 1,229.32 level is targted initially, which represents 38.2% Fibonacci level which was broken previously to turn into the key resistance now. Therefore, the bullish trend will be suggested for the short term unless breaking 1,208.92 level and holding below it. Please note that stochastic and the EMA50 clearly indicate negativity that could make the rising mission harder. Breaching 1,229.32 represents the key to extend Gold price gains to reach 1,254.56 as the next main station. The expected trading range for today is between 1,208.00 support and 1,235.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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