Gold gets a positive signal – Analysis - 22/05/2015

Gold price keeps its stability above 1205.00 level after the negative attempt that appeared yesterday, while stochastic offers positive signal now on the four hours’ time frame, which supports the continuation of our bullish trend expectations in the upcoming period, targeting breaching 1225.00 level to open the way to extend the bullish wave towards 1244.00 then 1268.00.

The EMA50 forms negative pressure now that blocks the price attempts to rise, thus, the price needs to breach this level –located at 1209.00- to ease the mission of achieving the above mentioned targets.

Expected trading range for today is between 1190.00 support and 1230.00 resistance.

Expected trend for today: Bullish