Gold continues to achieve gains – Analysis - 05/02/2016

Gold price confirmed breaching 1150.56 level after closing the daily candlestick above it, to open the way to extend the bullish wave on the short term basis, targeting 1182.80 level as a next main station.

Therefore, the bullish trend will be expected on the intraday and short term basis, and the positive targets extend to 1200.00, noting that the price exit of the bearish channel that appears on image hints a key turn at the short term and medium term trend to the upside, while the positive overview will remain valid and active unless breaking 1130.60 level and holding below it.

Expected trading range for today is between 1140.00 support and 1182.80 resistance.

Expected trend for today: Bullish