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    Daily analysis of Gold for May 05, 2016 2016-05-05

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    Overview

    Gold price showed bearish bias to approach after testing the bullish support line that is located at 1,268.90, which met the EMA50 to strengthen it. Stochastic is moving bullishly in the four-hour time frame. Therefore, we believe that there are chances to resume the bullish trend in the upcoming sessions. The price needs to breach 1,282.92 – 1,284.75 levels to confirm opening a way towards the targeted levels of 1,344.85. Breaking of the 1,268.90 level will push the price to suffer more losses and test the most important support at 1,227.40 before any new attempt to rise.

    The expected trading range for today is between the 1,266.00 support and the 1,310.00 resistance.


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