Overview
The gold price tested the main bullish trend line shown on the chart and began to provide bullish rebound signals now. Stochastic positivity on the four-hour time frame supports chances of resuming the main bullish trend in the upcoming period, which targets 1,348.00 followed by 1,375.00 levels mainly. Therefore, we will keep our bullish overview on an intraday and short-term bases conditioned by the price stability above 1,310.65 and 1,297.75 levels. A break of the latter level will push the price to extend the correctional bearish wave towards 1,249.94 before any new attempt to rise. The expected trading range for today is between the 1,297.75 support and the 1,350.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
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