Gold keeps its positive stability – Analysis - 10/02/2016

Gold price keeps its stability above 1182.80 level, which represents a major support base that supports the continuation of the bullish wave in the upcoming period, and we still waiting for resuming the bullish bias to head towards our next target at 1219.70.

Stochastic approaches from the oversold levels to provide positive motive that supports the expectations for moving higher, while the EMA50 continues to support the price from below, therefore, we keep preferring the bullish trend on the intraday and short term basis, reminding you that breaking 1182.80 level will push the price to test 1150.56 levels and it might extend to 1130.60 before any new attempt to rise.

Expected trading range for today is between 1170.00 support and 1219.70 resistance.

Expected trend for today: Bullish