Gold has been trading sideways since yesterday. The price has settled near the resistance line that is declining now to 1353.50. The price needs to breach this level to confirm the continuation of the bullish trend on the short-term basis. Please note that stochastic gets rid of its negativity clearly on the four-hour time frame, while the EMA50 keeps providing the positive support to the price. Therefore, we believe that the chances are valid to achieve the required breach followed by opening the way to target 1375.00. It is followed by 1400.00 levels as next main stations This reminds you that holding above 1297.75 level represents the most important condition to achieve the expected targets. 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 has been trading sideways since yesterday. The price has settled near the resistance line that is declining now to 1353.50. The price needs to breach this level to confirm the continuation of the bullish trend on the short-term basis. Please note that stochastic gets rid of its negativity clearly on the four-hour time frame, while the EMA50 keeps providing the positive support to the price. Therefore, we believe that the chances are valid to achieve the required breach followed by opening the way to target 1375.00. It is followed by 1400.00 levels as next main stations This reminds you that holding above 1297.75 level represents the most important condition to achieve the expected targets. 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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