Gold price succeeded to rally rapidly to reach the thresholds of the first main target at 1354.10. The price is waiting to breach this level to confirm opening the way to extend the bullish wave to reach 1400.00 as a next main station. Importantly, the EMA 50 provides positive support that reinforces the chances of a further rise. Therefore, the bullish scenario will remain valid and active on the intraday and short-term basis, unless breaking 1297.75 level and holding below it. Please note that stochastics’ current negativity might cause some temporary sideways fluctuation before resuming the bullish bias again.
The expected trading range for today is between 1330.00 support and 1375.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Overview
Gold price succeeded to rally rapidly to reach the thresholds of the first main target at 1354.10. The price is waiting to breach this level to confirm opening the way to extend the bullish wave to reach 1400.00 as a next main station. Importantly, the EMA 50 provides positive support that reinforces the chances of a further rise. Therefore, the bullish scenario will remain valid and active on the intraday and short-term basis, unless breaking 1297.75 level and holding below it. Please note that stochastics’ current negativity might cause some temporary sideways fluctuation before resuming the bullish bias again.
The expected trading range for today is between 1330.00 support and 1375.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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