Gold attempts positively – Analysis - 23-02-2017

Gold price moves in sideways track recently, and keeps its stability above the EMA50, which supports the chances for the continuation of the bullish attempts, noticing that stochastic provides positive overlapping signal that might motivate the price to resume the bullish bias in the upcoming sessions.

Therefore, we keep preferring the bullish trend on the intraday and short term basis, and the price needs to breach 1242.00 level to confirm the return to the previously broken minor bullish channel then achieve our positive targets that begin at 1249.94 and extend to 1270.00, taking into consideration that holding above 1222.90 level represents an important condition for the continuation of the suggested bullish trend.

Expected trading range for today is between 1225.00 support and 1250.00 resistance.

Expected trend for today: Overall bullish