InstaForex - Analytics


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    Daily analysis of GOLD for March 07, 2016 2016-03-07


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    Gold has been trading upward since the early session and surpassed the $1263.23 barrier again. The stochastic begins to provide a positive overlapping signal on the four-hour time frame, that supports the continuation of our bullish trend expectations efficiently in the upcoming period, opening the way towards $1300.00 barrier as the next main target. In general, the positive effect of the previously breached symmetrical triangle pattern remains valid until now. It encourages us to consider the bullish scenario in the short term, waiting for targeting the $1300.00 level as the next main station. We are aware that holding above $1226.00 and $1212.34 creates an essential condition for achieving the expected targets.

    The expected trading range for today is between 1240.00 support and 1300.00 resistance.

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