The gold price faces strong resistance formed by the previously broken support shown on the chart that turned into resistance at 1,195.00. The EMA50 adds extra negative pressure to protect the mentioned resistance, which might cause more sideways fluctuations until the price gets enough positive momentum to breach this level and resume the recently suggested bullish trend. In general, we still expect the bullish trend in the upcoming period given the strength that the 61.8% Fibonacci correction level showed against the recent negative pressure. Holding above 1,172.68 levels represents key condition for further upside, which main targets begin at 1,211.31 and extend to 1,249.94 after breaching the previous level. The expected trading range for today is between the 1,172.00 support and the 1,211.31 resistance.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Overview
The gold price faces strong resistance formed by the previously broken support shown on the chart that turned into resistance at 1,195.00. The EMA50 adds extra negative pressure to protect the mentioned resistance, which might cause more sideways fluctuations until the price gets enough positive momentum to breach this level and resume the recently suggested bullish trend. In general, we still expect the bullish trend in the upcoming period given the strength that the 61.8% Fibonacci correction level showed against the recent negative pressure. Holding above 1,172.68 levels represents key condition for further upside, which main targets begin at 1,211.31 and extend to 1,249.94 after breaching the previous level. The expected trading range for today is between the 1,172.00 support and the 1,211.31 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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