Overview

Gold price settled near 1,290.00 level after the bullish rally yesterday. Please note that stochastic shows a clear overbought level, which might force the price for some temporary sideways trading until getting enough positive momentum to confinue the bulish trend. In general, the bullish scenario remains valid if the price settles above 1,281.17 and 1,274.00 level. Our first target is seen at 1,299.20 and breaching it will push the price to extend its gains to 1,321.50 directly. The expected trading range for today is between 1,280.00 support and 1,300.00 resistance.