Gold attempts to keep the support base – Analysis - 09/05/2016

Gold price managed to breach 1283.17 and closed the weekly candlestick above it, to get good positive motive that supports the continuation of the bullish overview on the short term basis, noticing that the price begins today’s trading with bearish bias to test the support base that was formed above the mentioned level, as the price is affected by stochastic negativity that appears on the four hours’ time frame.

The EMA50 keeps supporting the price from below, reinforcing the suggested bullish trend scenario, which its next main target located at 1344.85, while achieving it conditions holding above 1268.70.

Expected trading range for today is between 1268.70 support and 1310.00 resistance.

Expected trend for today: Bullish