Gold price reaches the positive target – Analysis - 14-05-2019

Gold price succeeded to reach 1302.60 level and settles near it now, accompanied by stochastic entering the overbought areas, which might press on the price to provide negative trades in the upcoming sessions, while we notice that the EMA50 supports the price from below, which makes us prefer staying aside until we get clearer signal for the next trend, through breaching the mentioned resistance or breaking 1288.00 support.

Note that breaching 1302.60 resistance will open the way to extend Gold price gains and regain the main bullish trend again, as the next target is located at 1326.00, while breaking the support will press on the price to return to the correctional bearish track again, to start the negative targets at 1275.30 and extend to 1253.20.

The expected trading range for today is between 1285.00 support and 1320.00 resistance.

The expected trend for today: Depends on the above mentioned levels