Gold is forced for some decline – Analysis - 09-09-2016
Gold price rebounds bearishly slightly after approaching from the intraday resistance line that appears on chart located now at 1353.00, as the price trades near the EMA50 that forms support base against the intraday trading, accompanied by stochastic entering the oversold areas.
Therefore, these factors encourage us to continue suggesting the overall bullish trend, which its targets begin by breaching 1353.00 level to open the way to head towards 1375.00 followed by 1400.00 areas as next main stations, reminding you that holding above 1297.75 level represents the most important condition to the continuation of the suggested bullish bias.
Expected trading range for today is between 1320.00 support and 1365.00 resistance.
Expected trend for today: Bullish
Therefore, these factors encourage us to continue suggesting the overall bullish trend, which its targets begin by breaching 1353.00 level to open the way to head towards 1375.00 followed by 1400.00 areas as next main stations, reminding you that holding above 1297.75 level represents the most important condition to the continuation of the suggested bullish bias.
Expected trading range for today is between 1320.00 support and 1365.00 resistance.
Expected trend for today: Bullish