Gold tests the recent high – Analysis - 17-01-2018

Gold price apoprached this week recorded top at 1344.70 and shows some slight bearish bias from there, noticing that stochastic keeps providing the positive signals on the intraday time frames, while the EMA50 continues to carry the price from below.

Therefore, we will keep our bullish overview for the intraday and short term basis, waiting to test 1357.53 level as a next station, reminding you that breaching this level will extend Gold price gains to reach 1375.00 followed by 1404.00, while holding above 1321.49 represents key condition to continue the expected rise.

Expected trading range for today is between 1330.00 support and 1357.00 resistance.

Expected trend for today: Bullish