Gold succeeds to breach – Analysis - 20-03-2017

Gold price opens this week trading with clear positivity that allows it to breach 1231.13 and closes the first four hours’ candlestick above it, which supports the continuation of our bullish trend expectations efficiently in the upcoming period, easing the way towards visiting the previously recorded top at 1263.17 as a next main target.

Therefore, the bullish trend will remain preferred on the intraday and short term basis, supported by the EMA50 that carries the price from below, being aware that breaking 1231.13 level will stop the suggested rise temporarily and pushes the price for a potential test to 1211.30 levels before any new attempt to rise.

Expected trading range for today is between 1225.00 support and 1250.00 resistance.

Expected trend for today: Bullish