Gold continues to fluctuate – Analysis - 01-05-2017

Gold price keeps fluctuating around the key support 1263.17, and as we mentioned in our recent reports, holding above this level keeps our bullish overview valid for the upcoming period, noting that the EMA50 and stochastic negativity interprets the reasons of the difficulty to resume the bullish wave.

In general, we will continue to suggest the bullish trend on the intraday basis conditioned by holding above 1263.17 level, as breaking this level will push the price to visit 1250.00 and might extend to 1239.00 levels before turning back to rise again, noting that the expected bullish wave targets begin at 1300.00 and extend to 1340.00.

Expected trading range for today is between 1255.00 support and 1285.00 resistance.

Expected trend for today: Bullish