Gold touches the first target – Analysis - 24-02-2017

Gold price succeeded to touch our first main waited target at 1249.94 after the strong rise that appeared yesterday, and the price settles at the mentioned level, waiting to breach this level to confirm extending the bullish wave towards our next target at 1270.00, noting that the price return to the minor bullish channel supports continuing the rise in the upcoming period.

Therefore, we expect the continuation of the bullish trend domination on the intraday and short term basis, supported by the EMA50, taking into consideration that the continuation of the bullish trend depends on holding above 1236.00 and the most important above 1225.50.

Expected trading range for today is between 1240.00 support and 1270.00 resistance.

Expected trend for today: Bullish