Midday update for Gold 16-01-2017
Economies.com
2017-01-16 11:58AM UTC
Gold price approached from our main waited target at 1211.31 this morning, showing some bearish bias from there, where the price affected by stochastic negativity, to test 1200.00 barrier, while the EMA50 keeps providing positive support for the price.
Therefore, we believe that the chances available for continuing the bullish trend in the upcoming period, reminding you that breaching 1211.31 level will extend gold gains to reach 1249.94, while the suggested bullish trend depends on the stability above 1189.40 and 1172.68 levels.
Expected trading range for today is between 1189.40 support and 1220.00 resistance.
Expected trend for today: Bullish
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