Gold price closed yesterday’s trading above $1,281.17 level, noticing that the last decline is confined inside falling Wedge pattern which signs appear on chart. As the price attempts to breach its resistance and moves above its resistance now, which hints the price head to regain the main bullish trend again and stop the negative pressure that dominated the recent trades. Therefore, the bullish bias will be suggested in the upcoming sessions, and the targets begin by testing $1,299.20 level, noting that breaking $1,281.17 and trading below it again will reactivate the correctional bearish trend scenario that its next target located at $1,263.15. The expected trading range for today is between 1270.00 support and 1295.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
Overview
Gold price closed yesterday’s trading above $1,281.17 level, noticing that the last decline is confined inside falling Wedge pattern which signs appear on chart. As the price attempts to breach its resistance and moves above its resistance now, which hints the price head to regain the main bullish trend again and stop the negative pressure that dominated the recent trades. Therefore, the bullish bias will be suggested in the upcoming sessions, and the targets begin by testing $1,299.20 level, noting that breaking $1,281.17 and trading below it again will reactivate the correctional bearish trend scenario that its next target located at $1,263.15. The expected trading range for today is between 1270.00 support and 1295.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
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