Gold retests – Analysis - 15-02-2017

Gold price confirmed testing the falling wedge’s resistance that we mentioned yesterday, after the daily candlestick close above it, it retested the breached resistance keeping its stability above this level, which supports the continuation of the bullish trend scenario in the upcoming period, waiting for targeting 1249.94 level as a next main station.

Stochastic approaches from providing positive overlapping signal to support the suggested rise, while the EMA50 keeps carrying the price from below, therefore, these factors encourage us to keep our positive expectations on the intraday and short term basis, conditioned by holding above 1221.50 and the most important above 1211.31. 

Expected trading range for today is between 1217.00 support and 1240.00 resistance.

Expected trend for today: Bullish