Gold price gathers the positive momentum – Analysis - 16-10-2018

Gold price settles around 1225.00 level, and stochastic begins to get rid of its negative momentum in attempt to gain positive momentum that assists to push the price to resume the correctional bullish trend, which moves organized inside the bullish channel that appears on the chart.

Therefore, the bullish trend will remain active for the upcoming period unless breaking 1208.40 level and holding below it, waiting to test 1238.31 level initially, noting that breaching this level will extend the bullish wave to reach 1262.51 level as a next main station.

Expected trading range for today is between 1215.00 support and 1240.00 resistance.

Expected trend for today: Bullish