Gold resumes the bullish bias – Analysis - 31-10-2016

Gold price showed positive trading in attempt to resume the main bullish trend, to face the minor bearish channel's resistance that appears on chart, which might push the price to show some temporary decline affected by stochastic current negativity before turning back to continue the main bullish wave.

The EMA50 continues to provide the positive support to the price, thus, our bullish overview will remain valid for the upcoming period, and the targets begin at 1297.74 and extend to 1375.00 after breaching the previous level, reminding you that it is important to hold above 1249.94 level to keep the chances of achieving the suggested targets.

Expected trading range for today is between 1260.00 support and 1297.74 resistance.

Expected trend for today: Bullish