Overview

Gold has been trading higher since the start of this week. The metal has been able to breach 1,229.32 level and hold above it, which supports the outlook for a further bullish wave on the short-term basis. This opens the way to head towards 1,254.56 that represents our next main target. The price gets momentum through the inverted head-and-shoulders' pattern that was completed previously and appears on chart. Therefore, we still foresee the bullish trend in the upcoming sessions supported by the EMA50. Please note that stochastic current negativity might push the price to retest the breached neckline that is turning into support now at 1,223.50 before any new attempt to rise. The expected trading range for today is between 1,223.50 support and 1,250.00 resistance.