Overview
The gold price traded upwards yesterday and breached 1,154.76 and settled above it, thus supporting our bullish trend expectations in the upcoming period. The price is likely to test 1,172.68 levels. It is important to monitor the price when reaching this level as the breach represents the key to extend gold price gains to 1,211.31. Therefore, we still expect bullish trend on the intraday and short-term basis supported by the EMA50. Holding above 1,124.88 represents the most important condition to continue the expected rise. The expected trading range for today is between the 1,145.00 support and the 1,180.00 resistance.
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