Daily analysis of Gold for August 05, 2016

Overview
The gold price showed positive trading after leaning on the EMA50 yesterday. Positive support by stochastic on the intraday time frames keeps the chances of trading positively valid in the upcoming sessions. The price is likely to breach 1,375.00 levels to reinforce the expectations of targeting the 1,400.00 followed by 1,440.00 areas. Therefore, we still expect the bullish trend on the intraday and short-term bases unless breaking and holding below 1,312.00 and 1,297.75 levels. The expected trading range for today is between the 1,345.00 support and the 1,390.00 resistance.

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