Overview
Gold price hasn't shown any strong move since morning, still fluctuating near 1,280.00 level. Importantly, stochastic has clearly got rid of its negativity and reached the oversold thresholds, providing positive motive that we wait to support the chances for bouncing higher in the upcoming period. Therefore, the bullish trend scenario will remain valid and won't be changed as long as the price holds above 1,243.17 level, supported by the EMA50. The next main station lies at 1,303.58 level, and breaching this level will extend the price gains to 1,344.85.
The expected trading range for today is between 1,270.00 support and 1,303.00 resistance.
The material has been provided by InstaForex Company - www.instaforex.com