Midday update for Gold 24-02-2017

Gold price resumes its bullish rally strongly to breach 1249.94 level and builds a major support base above it, which supports the continuation of our bullish trend expectations efficiently in the upcoming period, which gets continuous support from the EMA50, and the way is open for heading towards our next target at 1270.00.

Note that holding above 1249.94 level became the first condition for the continuation of the bullish rally for today, where breaking it will push the price to test critical support levels that begin at 1236.00 and might extend to 1225.50 before any new attempt to rise.

Expected trading range for today is between 1240.00 support and 1270.00 resistance.

Expected trend for today: Bullish