Overview
The gold price has continued its calm positive trading and is gradually moving towards the previously recorded top at 1,375.00. The bullish wave slowness is explained by stochastic, which might force the price to show some temporary sideways trading until it manages to get enough positive momentum to push the price to resume the bullish trend. Therefore, we still expect the bullish bias in the upcoming sessions supported by the EMA50. A breach of 1,375.00 levels will extend the gold price gains to 1,400.00 followed by 1,440.00. The positive scenario will remain valid and active unless breaking and holding below 1,312.00 and then 1,297.75 levels. The expected trading range for today is between the 1,345.00 support and the 1,390.00 resistance.
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