The gold price managed to breach the EMA50 and get rid of its intraday negative pressure, thus reinforcing expectations for further gains in the upcoming sessions. The price is likely to test the key resistance 1,354.60, which break represents the key to extend gold price gains to 1,400.00. Therefore, the bullish trend is still expected on the intraday and short-term bases, unless we witness a clear break and hold below 1,297.75 as the break of this level will push the price to extend the correctional bearish wave to 1,249.95 before any new attempt to rise. The expected trading range for today is between the 1,297.75 support and the 1,354.60 resistance.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Overview
The gold price managed to breach the EMA50 and get rid of its intraday negative pressure, thus reinforcing expectations for further gains in the upcoming sessions. The price is likely to test the key resistance 1,354.60, which break represents the key to extend gold price gains to 1,400.00. Therefore, the bullish trend is still expected on the intraday and short-term bases, unless we witness a clear break and hold below 1,297.75 as the break of this level will push the price to extend the correctional bearish wave to 1,249.95 before any new attempt to rise. The expected trading range for today is between the 1,297.75 support and the 1,354.60 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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