FX.co ★ Daily analysis of Gold for June 02, 2016

Overview

The gold price retested the previously breached resistance line of the falling wedge that met the key support at $1,205.80. The price succeeded to hold above this level rebounding bullishly in attempt to resume the bullish trend on an intraday and short-term basis. The price is supported by stochastic positivity that appears clearly on the four-hour time frame. Therefore, these factors make us still expect the bullish trend in the upcoming sessions, which targets begin at $1,243.17. A break of the $1,205.80 level will stop the positive scenario and put the price into the correctional bearish track again.

The expected trading range for today is between the $1,190.00 support and the $1,243.17 resistance.