Gold gathers the positive momentum – Analysis - 13-01-2017

Gold price shows some bearish bias after testing 1200.00 barrier yesterday, as the price is affected by the trading rules inside the channels after touching the intraday bullish channel's resistance that appears on chart, heading towards testing its support line at 1183.50, noticing that the EMA50 protects trading inside the mentioned channel, while stochastic reaches the oversold areas now.

Therefore, we believe that the chances are valid to continue the overall bullish trend in the upcoming sessions, which its next main target located at 1211.31, taking into consideration that breaking 1183.50 followed by 1172.68 levels will stop the expected rise and push the price to decline towards 1124.88 mainly.

Expected trading range for today is between 1180.00 support and 1211.31 resistance.

Expected trend for today: Bullish