Midday update for Gold 24-01-2017

Gold price faces strong resistance at 1218.55, which forces it to bounce lower again to approach from 1210.00 barrier, while the price remains within the bullish channel that carries the trading since the end of the last year, to keep the bullish trend active until now, supported by the EMA50, waiting for surpassing 1218.55 barrier to confirm opening the way towards targeting 1249.94 level as a next main station.

Holding above 1205.50 and 1197.10 levels represents an important condition for the continuation of the suggested rise, where breaking these levels will push the price to extend the bearish correctional wave to1183.83 initially before any new attempt to rise.

Expected trading range for today is between 1205.50 support and 1240.00 resistance.