Midday update for Gold 23-01-2017

Gold price shows some bearish bias after testing the recently recorded top at 1218.55, while the price still organized inside the bullish channel that appears on the above chart, noting that the EMA50 protects trading inside this channel, to keep the bullish trend scenario active for today, waiting to breach the mentioned level to open the way to head towards 1249.94.

Holding above 1202.00 and 1197.10 levels represents key condition to continue the waited rise for today, as breaking the last level represents negative factor that will push the price to start bearish correction that its main targets begin at 1183.83 before determining the next destination on the short term basis.

Expected trading range for today is between 1202.00 support and 1235.00 resistance.

Expected trend for today: Bullish