Daily analysis of Gold for January 05, 2018

Overview

The gold price returns to decline and moves below 1,321.49 levels, postponing the positive scenario suggested in the morning. The price is affected by stochastic negativity and is waiting to get enough positive momentum to resume the bullish bias and breach the mentioned level, keeping the main bullish trend. In general, we still expect the bullish trend on the intraday and short-term basis, unless breaking and holding the 1,299.20 level with a daily close below it. Our next target is located at 1,357.53. The expected trading range for today is between the 1,310.00 support and the 1,335.00 resistance.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Daily analysis of Gold for January 05, 2018