Gold crawls towards the first target – Analysis - 17-01-2017

Gold price shows slight positive trading to approach gradually from our first waited target at 1211.31, to continue moving organized inside the bullish channel that appears on chart, noticing that the EMA50 protects trading inside this channel, providing positive chances to breach the mentioned level followed by opening the way to extend its gains towards 1249.94.

Therefore, we will continue to suggest the bullish trend in the upcoming sessions conditioned by the price stability above 1193.50, as breaking this level represents negative factor that will push the price to test 1172.68 before any new attempt to rise.

Expected trading range for today is between 1193.50 support and 1220.00 resistance.

Expected trend for today: Bullish