Gold recovers – Analysis - 02/02/2015

Gold price ended last week’s trading with clear positivity after achieving initial targets for the double top pattern mentioned in our recent reports, and the price stability above 1263.50 and 1272.20 levels represents positive factor that supports the chances of regaining the bullish trend again, especially that the EMA50 turns to form intraday support now.

The price needs to breach 1286.50 level to confirm the continuation of the bullish trend in the upcoming period, as the targets begin by breaching 1294.60 level to open the way to target 1322.00 then 1345.00, noting that breaking 1272.20 then 1263.50 will put the price under the negative pressure again.

Expected trading range for today is between: 1263.50 support and 1300.00 resistance.

Expected trend for today: Bullish