Gold still stuck – Analysis - 26/11/2014

The sideways range remains the dominant on gold price trading between 50% and 61.8% Fibonacci correction level, while the EMA50 keeps supporting the price from below, reinforcing the expectations of the bullish trend continuation on the intraday basis, where we are waiting for the breaching 1207.90 level, to confirm opening the way towards targeting 1225.00 then 1255.00 levels.

Gold price needs enough positive momentum to push the trading to the upside, taking into consideration that breaking 1178.85 level will stop the suggested positive expectations and pushes the price to return to the short term bearish track.

Expected trading range for today is between: 1185.00 support and 1225.00 resistance.

Expected trend for today: Bullish