Gold attempts positively – Analysis - 02-09-2016
Gold price approached from touching our main waited target at 1297.75 and bounced bullishly to settle above 1310.65 level, which hints the price attempt to regain its main bullish track that the decline that dominated the recent trading after placing 1375.01 high, especially that the price is resisting completing the double top pattern that its signs appear on chart.
Therefore, we suggest witnessing positive trading in the upcoming sessions, and the price needs to breach 1320.55 level to reinforce the positive overview that its main targets begin at 1356.30 and extend to 1400.00, taking into consideration that breaking 1297.75 level will put the price under more negative pressure that its next target located at 1249.95 before any new attempt to rise.
Expected trading range for today is between 1290.00 support and 1356.30 resistance.
Expected trend for today: Bullish
Therefore, we suggest witnessing positive trading in the upcoming sessions, and the price needs to breach 1320.55 level to reinforce the positive overview that its main targets begin at 1356.30 and extend to 1400.00, taking into consideration that breaking 1297.75 level will put the price under more negative pressure that its next target located at 1249.95 before any new attempt to rise.
Expected trading range for today is between 1290.00 support and 1356.30 resistance.
Expected trend for today: Bullish