Midday update for Gold 27-02-2017

Gold price didn’t show any strong move since morning, to keep fluctuating near 1255.00 level, keeping its stability above the initial support at 1249.94, noticing that stochastic gets rid of its negativity gradually to head towards the oversold levels, forming positive factor that we wait to assist to push the price to resume the bullish trend.

Therefore, the main bullish trend scenario will remain valid and active on the intraday and short term basis on the intraday and short term basis conditioned by holding above 1249.94, reminding you that our next main target located at 1285.00.

Expected trading range for today is between 1245.00 support and 1270.00 resistance.

Expected trend for today: Bullish