Daily analysis of Gold for November 04, 2016

Overview

Gold has been trading in a narrow range since morning, settling above 1297.74 level. This keeps our bullish expectations valid. The price might show more sideways fluctuation until stochastic manages to gain enough positive momentum to push the price to continue the overall bullish trend. Therefore, the bullish trend will remain active in the short term supported by the EMA50. Let me remind you that our main targets begin by breaching 1330.00 level to open the way to visit 1375.00 level, noting that holding above 1297.74 represents the key condition to continue the suggested rise for today. The expected trading range for today is between 1285.00 support and 1330.50 resistance.

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