The gold price tested the EMA50 that formed a good support base against the last negative attempts, while stochastic begins to provide a positive overlapping signal on the four-hour time frame. This gives the price a positive motive that we expected to reinforce the expectations for further gains on a short-term basis. Therefore, we believe that the chances for breaching the 1,303.58 level in the upcoming sessions are relatively high; the level will form the key for heading to 1,344.85 as the next main station. The continuation of the positive scenario depends on the stability above 1,276.40 and 1,243.17 levels. The expected trading range for today is between the 1,270.00 support and the 1,320.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Overview
The gold price tested the EMA50 that formed a good support base against the last negative attempts, while stochastic begins to provide a positive overlapping signal on the four-hour time frame. This gives the price a positive motive that we expected to reinforce the expectations for further gains on a short-term basis. Therefore, we believe that the chances for breaching the 1,303.58 level in the upcoming sessions are relatively high; the level will form the key for heading to 1,344.85 as the next main station. The continuation of the positive scenario depends on the stability above 1,276.40 and 1,243.17 levels. The expected trading range for today is between the 1,270.00 support and the 1,320.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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