Daily analysis of Gold for March 09, 2018



The gold price tested the 1,316.48 level and has been holding steadily above it until now, accompanied by stochastic move at the oversold areas, which supports this level and protect the recently suggested positive scenario. The price is likely to rebound bullishly and resume the bullish trend, which targets begin at 1,335.40 and extend to 1,365.97 after breaching the previous level. Therefore, we will keep our overall positive overview conditioned by the price stability above the 1,316.48 level. A break of this level will push the price to the 1,301.20 areas initially before any new attempt to rise. The expected trading range for today is between the 1,310.00 support and the 1,335.00 resistance.

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