Gold price gathers the positive momentum – Analysis - 20-12-2018

Gold price is forced to rebound after testing 1260.00 barrier, approaching few pips from our waited main target at 1262.50, to test the EMA50 that forms a good support against the price, accompanied with stochatisc reach to the oversold levels now.

Therfeore, we believe that the chances are available for bouncing higher and resuming the bullish trend on the intraday basis, organized within the bullish correctional channel, reminding you that braeching the targeted level will extend gold gains to reach 1286.70, while breaking 1238.30 will stop the expected rise and pushes the price to turn lower.

Expected trading range for today is between 1235.00 support and 1265.00 resistance.

Expected trend for today: Bullish