Overview
Gold price holds its positions above the 1,249.94 level. Importantly, stochastic reaches the thresholds of the oversold areas forming positive motive which can push the price to resume the bullish trend with the target at 1,297.74. Therefore, we will keep our bullish overview as long as 1,249.94 level remains intact. The price needs to get rid of the negative pressure formed by the EMA50 to reinforce the expectations of extending the bullish wave towards 1,329.00 followed by 1375.00 areas on the near term basis. Expected trading range for today is between 1,245.00 support and 1,285.00 resistance.
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