Gold inside positive pattern – Analysis - 24-03-2017

Gold price shows calm negative trading after the attempt to breach 1250.00 level yesterday, noticing that the last decline confined within minor bearish channel that we believe it forms bullish continuation flag pattern, which means that breaching its resistance at 1246.75 will activate the positive effect of this pattern then leads the price to continue the bullish trend on the short term basis.

Stochastic provides clear positive signals now that reinforce the chances of achieving the required breach, while the EMA50 continues to provide the positive support to the price, therefore, these factors encourage us to keep our bullish overview in the upcoming period, which its next main target located at 1263.17, while its continuation conditions holding above 1231.13.

Expected trading range for today is between 1231.00 support and 1263.00 resistance.

Expected trend for today: Bullish