Daily analysis of Gold for December 28, 2016

Overview

The gold price hovers around the EMA50 after attempting to breach it yesterday. Stochastic managed to get rid of its negativity to reach the threshold of the oversold areas to provide positive momentum that we are waiting to help the price resume the bullish trend in the upcoming period targeting 1,172.68 levels mainly. Therefore, our bullish trend expectations will remain valid and active on the intraday basis unless a break of 1,124.88 levels. A breach of 1,154.76 is required to ease the mission of achieving more positive targets. The expected trading range for today is between the 1,130.00 support and the 1,160.00 resistance.

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