The gold price continues fluctuating near the previously broken support line that turned into key resistance at 1,193.50. The breach of this level will reinforce expectations of the bullish trend continuation in the upcoming period, which also depends on the stability of the 1,172.68 level against the negative pressure that dominated the recent trades. Therefore, we are waiting for positive trading on the intraday and short-term basis, and positive targets begin at 1,211.31 followed by 1,249.94. A break of the 1,172.68 will push the price to 1,124.88 before any new attempt to recover. 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 continues fluctuating near the previously broken support line that turned into key resistance at 1,193.50. The breach of this level will reinforce expectations of the bullish trend continuation in the upcoming period, which also depends on the stability of the 1,172.68 level against the negative pressure that dominated the recent trades. Therefore, we are waiting for positive trading on the intraday and short-term basis, and positive targets begin at 1,211.31 followed by 1,249.94. A break of the 1,172.68 will push the price to 1,124.88 before any new attempt to recover. 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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