Gold achieves strong gains – Analysis - 27-03-2017

Gold price managed to confirm breaching the rising flag’s resistance that appears in our last reports, and rallies higher strongly with the beginning of today’s trading to approach from our main waited target at 1263.17, reinforcing the expectations for more of the upside moves in the upcoming period, where the price gets continuous positive support from the EMA50.

Therefore, we prefer witnessing more of the bullish bias for today, and breaching the targeted level will extend gold gains to reach 1300.00 $ per barrel barrier as a next main station, being aware that the continuation of the bullish wave depends on the stability above 1231.13 level.

Expected trading range for today is between 1245.00 support and 1270.00 resistance.

Expected trend for today: Bullish