Jairo Da Silva Almeida

Midday update for Gold 02-09-2016

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
30 0 3
Gold             price hovers around 1310.65 level since morning, as the price is affected by stochastic negativity and the negative pressure provided by the EMA50, while we still believe that the chances are valid to trade positively in the upcoming sessions depending on the price failure to break 1310.65 level in the recent trades.

Thus, we will keep our bullish overview on the intraday and short term basis unless breaking 1297.75 level and holding below it, reminding you that our main targets begin at 1356.30 and extend to reach 1400.00.

Expected trading range for today is between 1290.00 support and 1356.30 resistance.

Expected trend for today: Bullish
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