FX.co ★ Daily analysis of gold for May 9, 2016

Overview

Gold price has been showing bearish bias since morning to test the bullish trend line, that appears on the chart. The line is met by the EMA50 to add more strength to it. Importantly, stochastic's got rid of its negativity gradually in attempt to support the chances of resuming the bullish trend in the upcoming period. Therefore, our bullish overview will remain valid and active on the intraday and short term basis unless the price breaks the 1268.70 level and holds below it. Our first positive targets lies at the 1300.00 barrier the break of which will open the way towards 1344.85.

The expected trading range for today is between 1268.70 support and 1310.00 resistance.