Overview
Gold price is testing the support base formed at 1,357.50 after breaching it previously. The price needs to hold above this level to ensure the continuation of the expected positive scenario in the short term.
The EMA50 still supports the price and protects it inside the bullish channel that appears on the chart. So we still foresee the bullish trend for today provided that the price is holding above 1,357.50. Let me remind you that our next targets reach 1,375.00, followed by 1,404.00. The expected trading range for today is between 1,350.00 support and 1,375.00 resistance.
The material has been provided by InstaForex Company - www.instaforex.com