FX.co ★ Daily analysis of gold for October 13, 2016

Overview

The gold price began today's trading with bullish bias in an attempt to move away from $1,249.94 level. The bullish trend is likely to continue, and the stochastics supports this scenario. The price is waiting to surpass the EMA50 that forms intraday resistance at $1,270.50 to shrug off any negative pressure that might block the waited bullish wave. Therefore, our bullish overview will remain valid and active in the upcoming sessions. The main target begins at $1,297.74 and extends to $1,375.00. Breaking the $1,249.94 level will push the price towards $1,211.31 level before any new attempt to rise. The expected trading range for today is between $1,245.00 support and $1,285.00 resistance.