FX.co ★ Daily analysis of gold for April 29, 2016

Overview

Gold price continued its bullish rally yesterday and started today's trading with more positivity to reach the thresholds of the previously recorded top at 1282.92 which represents the first main suggested target in our previous reports. The price is supported by the EMA50, which reinforces the chances of breaching the mentioned level followed by pushing the price towards 1300.00 as the next main target. Therefore, we still suggest that the bullish trend will continue on the intraday and short term basis, noting that breaching 1300.00 level will extend gold price gains to 1344.85. Note that holding above 1227.40 represents the most important condition to achieve the suggested targets.

The expected trading range for today is between 1260.00 support and 1300.00 resistance.