Gold needs the positive momentum – Analysis - 18-08-2017

Gold price shows sideways trading to settle near our first waited target at 1295.37, and the price still organized inside the intraday bullish channel that appears on chart, as the EMA50 keeps providing the positive support to the price to protect trading inside the mentioned channel, while stochastic begins the attempts to get rid of the negative momentum.

Therefore, these factors encourage us to keep our bullish overview on the intraday and short term basis, waiting to breach 1295.37 level to confirm opening the way to head towards 1312.00 followed by 1347.00 levels, taking into consideration that holding above 1254.56 represents the most important condition to achieve the suggested targets.

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

Expected trend for today: Bullish