Daily analysis of Gold for January 04, 2018

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Overview

The gold price rebounds bearishly clearly after touching the key resistance 1,321.49 on its way to test the key support base 1,299.20. Stochastic approached the oversold areas. The EMA50 meets the mentioned support to add more strength to it. Therefore, these factors support our expectation for the bullish trend in the upcoming sessions. A breach of 1,321.49 will extend the gold price gains to 1,357.53 as the next main station, while a break of 1,299.20 represents a negative factor that will push the price to test the 1,281.17 areas initially before any new attempt to rise. The expected trading range for today is between the 1,295.00 support and the 1,320.00 resistance.

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