Gold Keeps its positive stability – Analysis - 15-03-2017
Gold price begins today’s trading positively in attempt to move away from the critical support level at 1195.28, where it gets positive signals from stochastic, which supports the chances for the continuation of the rise in the upcoming sessions, waiting for testing 1211.30 level initially.
Therefore, we keep preferring the bullish trend on the intraday and short term basis, pointing that breaching the targeted level will complete forming double bottom pattern that has ability to push the price towards our extended target that located at 1231.13, taking into consideration that breaking 1195.28 level will stop the positive expectations and pushes the price to extend its bearish correction to 1179.26 directly.
Expected trading range for today is between 1195.28 support and 1215.00 resistance.
Expected trend for today: Bullish
Therefore, we keep preferring the bullish trend on the intraday and short term basis, pointing that breaching the targeted level will complete forming double bottom pattern that has ability to push the price towards our extended target that located at 1231.13, taking into consideration that breaking 1195.28 level will stop the positive expectations and pushes the price to extend its bearish correction to 1179.26 directly.
Expected trading range for today is between 1195.28 support and 1215.00 resistance.
Expected trend for today: Bullish