Gold gathers the positive momentum – Analysis - 17-10-2017
Gold price decline stopped at the EMA50 that formed solid support at 1291.00, to protect the price from suffering more losses, accompanied by stochastic reach to the oversold areas now, to form positive motive that we are waiting to assist to push the price to rise again.
Therefore, we expect witnessing positive trading in the upcoming sessions, noting that breaching 1305.00 level will complete forming bullish pattern that has the ability to push the price to surpass our first target at 1321.49 to head towards the previously recorded top at 1357.53, taking into consideration that breaking 1281.17 will put the price under more negative pressure to test 1263.15 before any new attempt to rise.
Expected trading range for today is between 1285.00 support and 1310.00 resistance.
Expected trend for today: Bullish
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