Gold is stable – Analysis - 30-09-2016

Gold price keeps its stability above the main bullish trend line that rises now to 1319.50, while stochastic heads upwards to form positive motive that we are waiting to assist to push the price to resume the main bullish trend, and as long as the price is above 1319.50 and 1297.75 support levels, our bullish trend overview will remain valid for the upcoming period, which its targets begin by testing 1344.50 level.

The EMA50 forms negative pressure that the price needs to breach it to ease the mission of achieving the main bullish wave targets that extend to 1375.00 followed by 1400.00, reminding you that breaking the above mentioned support levels will push the price to head towards 1249.94 direct before any new attempt to rise.

Expected trading range for today is between 1310.00 support and 1350.00 resistance.

Expected trend for today: Bullish