Gold price bounced downwards clearly yesterday after testing 1290.00 barrier, to fluctuate around the EMA50 again, noticing that the price moves within minor bullish channel that supports the chances of continuing the positive attempts in the upcoming period, especially that stochastic reaches the oversold areas now.
Therefore, we suggest witnessing positive trading today, and the price needs to confirm breaching 1281.17 to reinforce the chances of heading towards 1299.20 level as a first main station, noting that breaking 1271.00 will stop the positive scenario and push the price to test 1263.15 level initially.
Expected trading range for today is between 1270.00 support and 1295.00 resistance.
Expected trend for today: Bullish