Midday update for Gold 09/05/2016
Economies.com
2016-05-09 10:15AM UTC
Gold price shows bearish bias since morning to test the bullish trend line that appears on chart, which is met by the EMA50 to add more strength to it, noticing that stochastic gets rid of its negativity gradually in attempt to support the chances of resuming the bullish trend in the upcoming period.
Therefore, our bullish overview will remain valid and active on the intraday and short term basis unless breaking 1268.70 level and holding below it, noting that our positive targets begin by surpassing 1300.00 barrier to open the way to head towards 1344.85.
Expected trading range for today is between 1268.70 support and 1310.00 resistance.
Expected trend for today: Bullish
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