Gold resumes rising – Analysis - 16-01-2017

Gold price resumes its positive trading after leaning on the minor bullish channel's support that appears on image, to move above 1200.00 level now, which supports the continuation of the bullish trend scenario efficiently in the upcoming period, which gets continuous support by the EMA50.

Therefore, the way is open to visit our main target at 1211.31, which breaching it represents the key to extend gold price gains to reach 1249.94, while the expected rise will remain active unless breaking 1189.40 followed by 1172.68 levels and holding below them.

Expected trading range for today is between 1189.40 support and 1220.00 resistance.

Expected trend for today: Bullish