Gold price approaches the target – Analysis - 19-02-2020
Economies.com
2020-02-19 05:47AM UTC
Gold price settles around 1600.00 level after the bullish rally that it witnessed yesterday, and the price needs to surpass the intraday bullish channel’s resistance that appears on the chart to confirm the continuation of achieving gains on the intraday and short term basis, as our next main target is located at 1611.20, which breaching it represents the key to head towards 1625.00 as a next station.
The EMA50 keeps supporting the suggested bullish wave, noting that breaking 1575.90 will stop the expected rise and press on the price to return to the correctional bearish track again.
The expected trading range for today is between 1585.00 support and 1620.00 resistance.
The expected trend for today: Bullish
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