Gold inside a positive pattern – Analysis - 14-02-2017

Gold price attempted to break 1221.50 level yesterday but it managed to close the daily candlestick above it, which keeps the positive scenario active until now, and by looking deeper in the chart, we find that the last trading confined within bearish pattern that appears in the image, therefore, the price needs to breach 1227.50 level to activate the positive effect of this pattern, which will lead the price to resume its main bullish track within the short term bullish channel.

Therefore, we keep preferring the bullish trend in the upcoming sessions, reminding you that breaking 1221.50 level will push the price to test the bullish channel’s support at 1207.75 before any new attempt to rise.

Expected trading range for today is between 1217.00 support and 1249.94 resistance.

Expected trend for today: Bullish