Gold succeeds to breach – Analysis - 02/05/2016

Gold price managed to hit our first main target at 1282.92 and breached this level to approach from our next target at 1300.00, which supports the continuation of the bullish trend on the short- term basis, supported by the EMA50 that reinforces the chances for extending the bullish wave towards 1344.85 levels.

Therefore, we will keep preferring the bullish trend in the upcoming period, pointing that holding above 1282.92 level represents the first protection factor for the positive expectations, where breaking this level represents negative factor that might push the price to test the critical support base at 1227.40 again without any new attempt to rise.

Expected trading range for today is between 1275.00 support and 1320.00 resistance.

Expected trend for today: Bullish