FX.co ★ Daily analysis of Gold for June 29, 2016

Overview

The gold price has been trading with slight positivity since morning moving away from the key support at 1,303.58, supported by the bullish trend provided by stochastic. We are waiting for the price to breach 1,333.00 levels to confirm further movement to 1,400.00. Therefore, we still expect the bullish trend on the intraday and short-term bases, as the chances to trade positively in the upcoming sessions seem valid. Targets begin at a breach of the 1,333.00 barrier that will reinforce the chances of targeting the 1,400.00 area. Holding above 1,303.58 represents the key condition of the continuation of the suggested positive scenario.

The expected trading range for today is between the 1,300.00 support and the 1,360.00 resistance.