Midday update for Gold 31-05-2016

Gold price hovers around the falling wedge’s resistance that appears on chart, which represents the positive scenario key suggested in our morning report, as the price needs to breach this resistance at 1215.00 to confirm achieving more gains in the upcoming period, and the positive targets begin at 1243.17.

Therefore, we will continue to suggest the bullish trend unless breaking 1205.80 level and holding below it, noting that stochastic and the EMA50 negativity forms an obstacle against the price mission to achieve the expected rise.

Expected trading range for today is between 1190.00 support and 1243.17 resistance.

Expected trend for today: Bullish