Gold confirms the breach – Analysis - 18-01-2017

Gold price succeeded to confirm breaching 1211.31 level after closing the daily candlestick above it, to support the continuation of the bullish rally on the intraday and short term basis, opening the way towards targeting 1249.94 level on the near basis, organized within the bullish channel that appears in the image.

Therefore, we wait for more of the upside track in the upcoming sessions supported by the EMA50, being aware that breaking 1211.31 then 120.00 levels will stop the bullish rally and pushes the price to visit 1172.68 levels before any new attempt to rise.

Expected trading range for today is between 1200.00 support and 1235.00 resistance.

Expected trend for today: Bullish