Gold awaits the confirmation – Analysis - 02/09/2015

Gold price shows sideways trading since yesterday, and the price remains confined between the confirmation levels that represented by 1126.25 support and the resistance of the bearish channel at 1156.00, therefore, we remain neutral until breaching one of the mentioned levels.

The contradiction between the EMA50 positivity and stochastic negativity represents another reason for the neutrality, pointing that breaking the above mentioned support will push the price to resume the bearish trend within the main bearish channel, and the targets begin at 1115.95 then 1100.00, while breaching the resistance represents positive factor that will lead gold price to achieve gains that begin at 1200.00 then 1230.00.

Expected trading range for today is between 1120.00 support and 1160.00 resistance.

Expected trend for today: Depends on the above mentioned levels