Midday update for Gold 28-03-2017
Gold price fluctuates near the intraday bullish channel’s support keeping its stability above this level until now, noticing that stochastic begins to overlap positively on the four hours’ time frame, which forms positive motive that we wait to assist to push the price to resume the bullish trend for the rest of the day, especially that the EMA50 keeps supporting the price from below.
Therefore, we will keep preferring the bullish trend in the upcoming sessions unless breaking 1250.00 level and holding below it, where breaking this level will push the price to test 1231.13 levels again before it returns to rise again, while the positive targets begin at 1263.17 and extend to 1300.00.
Expected trading range for today is between 1245.00 support and 1270.00 resistance.
Expected trend for today: Bullish
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