Gold resumes rising – Analysis - 01-08-2016

Gold price provided clear positive trading on last Friday after leaning on the EMA50, to fluctuate around 1250.00 level now, waiting for more rise to test the previously recorded top at 1375.00 as a next main station.

The EMA50 continues to provide the positive support to the price, which encourages us to keep our bullish overview for the upcoming period, reminding you that breaching the targeted level will extend gold price gains to reach 1400.00 followed by 1440.00 levels, while the bullish trend will remain valid and active unless we witnessed clear break and holding below 1312.00 and 1297.75 levels.

Expected trading range for today is between 1332.00 support and 1380.00 resistance.

Expected trend for today: Bullish