Gold continues to rise – Analysis - 17-02-2017

Gold price continues its positive trading yesterday to test 1240.00 barrier, where the price gets continuous positive support from the EMA50, reinforcing the chances for the bullish bias continuation in the upcoming period, but the price might witness some temporary and slight bearish bias until stochastic manages to gain enough positive momentum to push the price to resume the bullish trend.

Therefore, we will keep preferring the overall bullish trend on the intraday and short term basis conditioned by holding above 1228.50 and the most important above 1211.31, reminding you that our next main target located at 1249.94, and breaching it represents the extension of the bullish wave to 1270.00.

Expected trading range for today is between 1228.50 support and 1255.00 resistance.

Expected trend for today: Bullish