Midday update for Gold 20-01-2017
Economies.com
2017-01-20 11:38AM UTC
Gold price trading bounced lower after testing the previously broken bullish channel’s support, which turns into resistance now at 1209.85, where the price needs to breach this level to ease the price mission for resuming the main bullish trend, which its initial target located at 1218.55 and extend to reach 1249.94 on the near term basis.
Therefore, we will keep our positive expectations in the upcoming period conditioned by holding above 1197.10, pointing that breaking this level will push the price to make a bearish correction that its targets begin at 1183.83.
Expected trading range for today is between 1197.10 support and 1230.00 resistance.
Expected trend for today: Bullish
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