Gold around the moving average – Analysis - 24-10-2016

Gold price shows more trading around the EMA50, as stochastic lost its positive momentum on the four hours' time frame, which might force the price to provide more sideways moves until managing to get enough positive momentum to push trading to rise again.

In general, the main bullish trend scenario still valid and active as long as the price is above 1249.94 level, waiting to test 1297.74 level initially, which breaching it represents the key to extend gold price gains to reach 1342.00 followed by 1375.00.

Expected trading range for today is between 1249.94 support and 1285.00 resistance.

Expected trend for today: Bullish