Gold awaits confirmed breach – Analysis - 21-08-2017

Gold price ended last week with clear negativity after attempting to breach 1295.37 level, to trade near the bullish channel's support that appears on chart, noticing that stochastic managed to get rid of its negativity and get positive momentum on the four hours' time frame, while the EMA50 provides continuous positive support.

Therefore, these factors encourage us to keep our bullish overview on the intraday and short term basis, which its targets begin by breaching 1295.37 to confirm opening the way to head towards 1312.00 followed by 1347.00 mainly, taking into consideration that breaking 1274.00 will push the price to test 1254.56 before any new attempt to rise.

Expected trading range for today is between 1274.00 support and 1300.00 resistance.

Expected trend for today: Bullish