The gold price shows more negative attempts to push the EMA50, which might make the price test the minor bullish channel’s support at 1,271.60 as the next negative station before turning back to the rising attempts. In general, the overall bullish trend scenario will remain valid for today unless the price settles below 1,287.00 level, and the price needs to trade above 1,297.74 levels to reinforce the chances of continuing the suggested bullish trend. The trend is supported by stochastic that reaching the oversold areas. Our main targets begin at 1,328.50 and extend to 1,375.00 on the near-term basis. The expected trading range for today is between the 1,280.00 support and the 1,320.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Overview
The gold price shows more negative attempts to push the EMA50, which might make the price test the minor bullish channel’s support at 1,271.60 as the next negative station before turning back to the rising attempts. In general, the overall bullish trend scenario will remain valid for today unless the price settles below 1,287.00 level, and the price needs to trade above 1,297.74 levels to reinforce the chances of continuing the suggested bullish trend. The trend is supported by stochastic that reaching the oversold areas. Our main targets begin at 1,328.50 and extend to 1,375.00 on the near-term basis. The expected trading range for today is between the 1,280.00 support and the 1,320.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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