Midday update for Gold 13-01-2017

Gold price provides signals for a bullish curve now after the approach from the intraday bullish channel’s support, noticing that stochastic begins to provide positive overlapping signal on the four hours time frame, motivating the price to resume the bullish wave that its next main target located at 1211.31, which gets continuous positive support from the EMA50.

Therefore, the bullish bias will be preferred for the rest of the day, unless breaking 1183.50 then 1172.68 and holding below it, pointing that breaching the targeted level will extend gold gains to reach 1249.94 as a next main station.

Expected trading range for today is between 1180.00 support and 1211.31 resistance.

Expected trend for today: Bullish