Midday update for Gold 19-05-2017

Gold price shows bullish bias approaching from testing the critical resistance at 1547.56, where the price affected by stochastic and the EMA50 positivity, as long as the price below this level, so the bearish bias will remain preferred, waiting for testing 1229.32 level before it returns to resume the main bullish trend.

You should be aware that breaching 1254.56 will push the price to achieve more of the gains without the expected temporary decline, to reach the next positive target at 1295.37.

Expected trading range for today is between 1230.00 support and 1260.00 resistance.

Expected trend for today: Bearish temporarily