Gold keeps its positive stability – Analysis - 21/11/2014

Gold price kept its stability above 1178.85 level, to bounce upwards strongly resuming its positive attempts, fluctuating around 1193.40 level in attempt to confirm building support base above it, which reinforces the chances of continuing the bullish trend scenario on the intraday basis, which is affected by the positivity of the double bottom pattern which was completed previously by breaching 1178.85 level.

Therefore, the bullish trend will remain preferred in the upcoming period supported by the EMA50, and our main target at 1225.00, while achieving it requires holding above 1178.85.

Expected trading range for today is between: 1170.00 support and 1225.00 resistance.

Expected trend for today: Bullish