Gold gathers the positive momentum – Analysis - 22/02/2016

Gold price keeps its stability above 1212.34 level, trading with slight negativity approaching from testing this level, noticing that stochastic gets rid of its negativity gradually to approach from the oversold areas, which forms positive factor that we are waiting to motivate the price to resume the bullish bias in the upcoming sessions.

Therefore, we will keep our bearish overview on the intraday and short term basis, which gets continuous support by the EMA50, waiting to target 1263.23 followed by 1300.00 levels mainly, noting that breaking 1212.34 followed by 1180.86 levels will stop the positive scenario and put the price under the negative pressure again.

Expected trading range for today is between 1200.00 support and 1250.00 resistance.

Expected trend for today: Bullish