Gold builds support base – Analysis - 05-09-2016

Gold price managed to breach the EMA50 and get rid of its intraday negative pressure, reinforcing the expectations of continuing the rise in the upcoming sessions, and the way is open to test the key resistance 1354.60, which breaching it represents the key to extend gold price gains to reach 1400.00.

Therefore, the bullish trend will remain suggested on the intraday and short term basis, unless we witnessed clear break and hold below 1297.75, as breaking this level will push the price to extend the correctional bearish wave towards 1249.95 before any new attempt to rise.

Expected trading range for today is between 1297.75 support and 1354.60 resistance.

Expected trend for today: Bullish