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29.05.201717:23 Forex Analysis & Reviews: Daily analysis of Gold for May 29, 2017

Long-term review

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Overview

Gold price has settled above the main bullish channel's support that is displayed on the above chart. This keeps the bullish scenario valid on the intraday and short-term basis, supported by the completion of the bullish pennant that indicates a bulish bias. We expect it to push the price up to our expected main target at 1,295.37. Therefore, we still prefer the bullish trend in the upcoming sessions, which finds good support from the EMA50. Please be aware that holding above 1,262.00 is the first condition for the continuation of the suggested rise. In case it is broken, this will push the price to test the most important support at 1,249.94 before any new attempt to rise. The expected trading range for today is between 1,250.00 support and 1,280.00 resistance.

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