Gold at the resistance – Analysis - 02/03/2015
Gold price opens today’s trading with clear positivity to approach from the key resistance mentioned in our previous reports at 1224.60, as breaching this resistance represents positive key that will push the price to achieve more gains on the intraday and short term basis, with targets that begin at 1244.00 then 1268.00.
On the other hand, we notice that stochastic reaches the overbought levels, and it might push the price to bounce bearishly and test the key support 1205.00, which breaking it will offer negative factor that will push trading to head towards 1181.00 mainly.
Therefore, we will stay neutral until the price manages to breach one of the above mentioned levels to detect the next destination clearly.
Expected trading range for today is between: 1190.00 support and 1240.00 resistance.
Expected trend for today: Neutral


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