FX.co ★ Daily analysis of gold for May 6, 2016

Overview

Gold price settled above the minor bearish channel's resistance, thus keeping the positive effect of the bullish flag pattern valid for today, supported by the EMA 50. The price needs to breach 1283.17 and then 1300.00 levels to confirm opening the way towards 1344.85. In general, we will keep our bullish trend expectations for today, unless the 1270.30 level is broken and the price holds below it. The expected trading range for today is between 1266.00 support and 1310.00 resistance.