Gold leans on the moving average – Analysis - 23-08-2017

Gold price settles at the EMA50, which protects trading inside the intraday bullish channel that appears on chart, accompanied by witnessing oversold signals through stochastic, which provides positive chances to resume the main bullish trend in the upcoming sessions, waiting to breach 1295.37 level to confirm opening the way to target 1312.00 followed by 1347.00 levels.

We should note that holding above 1277.00 represents important condition to continue the expected rise, as breaking it will push the price to test the most important support at 1254.56 before any new attempt to rise.

Expected trading range for today is between 1275.00 support and 1300.00 resistance.

Expected trend for today: Bullish