FX.co ★ Daily analysis of Gold for September 28, 2016

Overview

The gold price traded downwards after testing the main bullish trend line at $1,316.25 shown on the chart. The price is forming the first protecting factor for the bullish trend continuation besides the $1,297.75 level, and as long as the price is above these levels, we will continue to suggest the bullish bias on the intraday and short-term bases. This is supported by stochastic movements inside the oversold areas. Therefore, we are waiting for a rise in the upcoming sessions, and the targets begin by surpassing the $1,344.00 level that will open the way to $1,375.00 followed by $1,400.00 mainly. A break above these support levels will push the price to target the next correctional level at $1,249.94 before any new attempt to rise. The expected trading range for today is between the $1,310.00 support and the $1,350.00 resistance.