Gold within bullish channel – Analysis - 22/10/2014

Gold price moves within bullish channel appears in the above chart, which supports the continuation of the expected bullish trend on the intraday and short term basis, where we are waiting for visiting 1290.00 areas mainly.

Stochastic gains positive momentum on the four hours time frame to reinforce the bullish trend expectations, which gets a continuous support from the EMA50, while it remains valid and active unless breaking 1240.50 then 1235.00 levels.

Expected trading range for today is between: 1231.00 support and 1265.00 resistance.

Expected trend for today: Bullish