Gold keeps its positive stability – Analysis - 29-05-2017

Gold price trading settles above the main bullish channel’s support that appears in the above chart, which keeps the bullish trend scenario valid on the intraday and short term basis, supported by the completion of the bullish pennant flag that forms positive motive that we wait to assist to push the price to head towards our expected main target at 1295.37.

Therefore, we will keep preferring the bullish trend in the upcoming sessions, which gets good support from the EMA50, being aware that holding above 1262.00 represents the first condition for the continuation of the suggested rise, where breaking it will push the price to test the most important support at 1249.94 before any new attempt to rise.

Expected trading range for today is between 1250.00 support and 1280.00 resistance.

Expected trend for today: Bullish