Overview
Gold price approaches the key support level $1,297.74 affected by negativity of stochastic which attempts to gain the positive momentum to resume the main bullish bias. At the same time the EMA50 keeps providing positive support to the price. Therefore, we believe that the chances are valid to trade positively in the upcoming sessions. The price needs to break above the $1,297.74 level to reinforce the chances of continuing the bullish trend. The next main target located at $1,375.00. Note that settling below $1,297.74 will push the price to visit $1,249.94 areas again before any new attempt to rise. The expected trading range for today is between $1,290.00 support and $1,330.50 resistance.
The material has been provided by InstaForex Company - www.instaforex.com