Target: 1350.00
Risk: 1243.19
Technical reasons:
Gold price touched 38.2% Fibonacci level at 1205.80 and bounced higher strongly from there, offering signals of attempting to return to the main bullish trend, as it tests the recently recorded high at 1303.62.
The positive support provided by the exponential moving averages 50 and 100 supports going for more rise in the coming period, besides stochastic current positivity.
Therefore, the bullish trend will be expected as long as 1243.19 level remains intact against any negative pressure, and the next target is located at 1350.00.
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Risk: 1243.19
Technical reasons:
Gold price touched 38.2% Fibonacci level at 1205.80 and bounced higher strongly from there, offering signals of attempting to return to the main bullish trend, as it tests the recently recorded high at 1303.62.
The positive support provided by the exponential moving averages 50 and 100 supports going for more rise in the coming period, besides stochastic current positivity.
Therefore, the bullish trend will be expected as long as 1243.19 level remains intact against any negative pressure, and the next target is located at 1350.00.
www.fxhighway.com
www.facebook.com/fxhighwaycom/
twitter.com/
FXHighway mobile App:
Android: play.google.com...re/apps/details?id=com.fxh...
IOS: itunes.apple.co...wa/viewSoftware?id=1071234...
Comment:
The price keeps the ground above the EMA50, which is a good supportive signal to the expected positive outlook .
