Gold surpasses the target – Analysis - 09/02/2016
Gold price succeeded to surpass 1182.80 and settled with a daily close above it, which confirms opening the way towards our extended targets that we mentioned in our last technical starting at 1200.00 then 1219.70, where the price gets a continuous positive support from the EMA50, reinforcing the expectations for more of the upside track in the upcoming period.
Stochastic current negativity might push the price to fluctuate temporarily in sideways range, and a potential retest to 1182.80 level before resuming the suggested bullish bias, pointing that breaking this level will stop the bullish wave temporarily and pushes the price to test 1150.56 then 1130.60 levels before any new positive attempt.
Expected trading range for today is between 1170.00 support and 1219.70 resistance.
Expected trend for today: Bullish
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