The gold price traded upwards yesterday in the late session in attempt to move away from the previously breached resistance of the bullish channel, reinforcing expectations for more gains in the upcoming period. The price is likely to touch the main bullish channel’s resistance at 1,353.00. The EMA50 continues to support the price from below, thus boosting our expectations of the bullish trend continuation in the upcoming period. Breaking and holding below 1,335.00 might push the price to test the 1,295.37 areas before any new attempt to rise. The expected trading range for today is between the 1,330.00 support and the 1,353.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Forex Review