Gold recovers – Analysis - 23/02/2016

Gold price opens today’s trading with clear positivity to move above 1212.34 level, where the price gets positive signal from stochastic, which supports the chances for resuming the expected bullish trend in the upcoming period, where we believe that the way is open for visiting the recently recorded top at 1263.23 as a second main target.

Therefore, we will keep preferring the bullish trend on the intraday and short term basis supported by the EMA50, pointing that breaching 1227.50 level will provide extra positive motive that reinforces the expectations to rise, and its targets extend to 1300.00 on the near basis, while the bullish trend will remain valid and active unless breaking 1180.86 level and holding below it.

Expected trading range for today is between 1200.00 support and 1250.00 resistance.

Expected trend for today: Bullish