Gold price hits the second target – Analysis - 21-02-2020

Gold price managed to achieve our second target at 1625.00 and attempts to surpass it now, to support the chances of achieving more rise on the short term basis, as the price moves inside bullish channels that appear on the chart, noting that our next target reaches 1668.00.

Therefore, the bullish trend scenario will remain suggested in the upcoming sessions, supported by the EMA50, taking into consideration that breaking 1611.20 will press on the price to decline and test the bullish channel’s support line at 1577.00 before any new attempt to rise.

The expected trading range for today is between 1615.00 support and 1650.00 resistance.

The expected trend for today: Bullish