Gold keeps rising – Analysis - 27-02-2017

Gold price confirmed breaching 1249.94 level after closing the last week trading above it, reinforcing the expectations for more of the upside track on the intraday and short term basis, organized within the bullish channels that appears in the above chart.

Therefore, we wait for more of the bullish bias in the upcoming sessions, supported by the EMA50 that keeps carrying the price from below, pointing that stochastic current negativity might force the price to form some temporary sideways trading until gaining enough positive momentum to push the trading to continue the bullish trend.

Note that our next target located at 1285.00, while achieving it conditioned by holding above 1249.94, where breaking this level might push the price to test 1228.00 levels before any new attempt to rise.

Expected trading range for today is between 1245.00 support and 1270.00 resistance.

Expected trend for today: Bullish