Daily analysis of Gold for October 12, 2017

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Overview

Gold price has been showing calm upward trading to approach the first waited target at $1,299.20, keeping the bullish trend scenario valid until now. It is supported by the EMA50 that carries the price from below. Please note that breaching the mentioned level is required to push the price towards $1,321.49 as the next upward target. Stochastic is showing bullish signals that support the chances of extending the bullish wave in the short term. Let me remind you that holding above 1281.17 represents the key condition to continue the expected rise. The expected trading range for today is between $1,281.00 support and $1,310.00 resistance.

The material has been provided by InstaForex Company - www.instaforex.com

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