Overview
The gold price continues its calm decline surpassing the EMA50 and opening the way for a potential test of 1,310.65 levels. Stochastic shows clear oversold signals that reinforce expectations of further overall bullish trend. In general, we still expect the bullish trend on the intraday and short-term bases unless breaking and holding below 1,310.65 and 1,297.75 levels. A break of these marks represents a negative factor that will extend the correctional bearish wave to 1,249.95 before any new attempt to rise. Our positive targets begin at 1,353.00 and extend to 1,375.00 followed by 1,400.00. The expected trading range for today is between the 1,310.65 support and the 1,353.00 resistance.
