Gold needs the positive momentum – Analysis - 14-08-2017

Gold price settles near the first waited target at 1295.37, and stochastic continues to attempt to gain the positive momentum on the intraday time frame,s waiting to motivate the price to resume the bullish trend on the intraday and short term basis, noting that our next target is located at 1312.00.

Therefore, we will continue to suggest the bullish trend, which is affected by the previously completed inverted head and shoulders' pattern, noting that breaching the above mentioned levels will extend gold price gains to reach 1345.00, while the rise will remain valid unless we witnessed clear break and hold below 1254.56.

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

Expected trend for today: Bullish