Daily analysis of Gold for September 01, 2017

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Overview

The gold price shows some slight bearish bias after approaching the bullish channel's resistance, affected by stochastic negativity. Meanwhile, the EMA50 keeps supporting the price, and as long as the price is above 1,295.37, the bullish trend scenario will remain active for today and the price is likely to head towards 1,350.00 as the next main station. On the other hand, we should note that a break of 1,295.37 will stop the expected rise and make the price decline towards areas that start at 1,249.94 before any new attempt to rise. The expected trading range for today is between the 1,300.00 support and the 1,350.00 resistance.

The material has been provided by InstaForex Company - www.instaforex.com