Daily analysis of gold for October 16, 2017

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Overview

Gold price confirmed breaching 1,299.20 level after closing last week above it, reinforcing the expectations of continuing the bullish trend on the intraday and short-term basis. The way is open to target 1,321.49 level that represents our next main target, noting that the EMA50 supports the expected rise. Importantly, holding above 1,299.20 represents the first protecting factor to continuation of the suggested positive scenario, as breaking it will push the price to test 1,263.15 area again before any new attempt to rise. The expected trading range for today is between 1,290.00 support and 1,321.00 resistance.

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