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    Daily analysis of Gold for June 20, 2016

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    Overview

    Since morning the gold price has been steadily trading sideways in a tight range above the EMA 50. Stochastic gets rid of its negativity and gathers clear positive momentum on the four-hour time frame, which forms a positive motive that we are waiting to help the price resume the expected bullish trend for the upcoming period. Therefore, our bullish overview will remain valid and active on the intraday and short-term bases. The price needs to breach the 1,303.58 level to reinforce the suggested positive scenario, which next target is located at 1,344.85. Achieving this level conditions holding above 1,276.40 and 1,243.17 levels. The expected trading range for today is between the 1,270.00 support and the 1,320.00 resistance.


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