Gold resumes rising – Analysis - 10-01-2017

Gold price trades with clear positivity since yesterday approaching from 1200.00$ per ounce barrier, which supports the continuation of the bullish trend scenario efficiently in the upcoming period, which gets a continuous support from the EMA50, waiting for testing 1211.31 level mainly.

Stochastic reaches the thresholds of the overbought levels now, which might cause some temporary sideways fluctuation until the indicator manage to gain enough positive momentum to push the price to continue the expected rise, taking into consideration that the continuation of the expected bullish trend scenario depends on the stability above 1172.68 and 1160.00 levels.

Expected trading range for today is between 1172.68 support and 1211.31 resistance.

Expected trend for today: Bullish