Gold price keeps achieving targets – Analysis - 24-02-2020

Gold price opened this week with strong rise to surpass our waited target at 1688.00, showing some bearish bias now to settle around 1660.00, noting that the price keeps moving inside the bullish channels that appears on the chart, which supports the chances of achieving more gains in the upcoming period, as our next target is located at 1692.00.

Therefore, we will continue to suggest the bullish trend on the intraday and short term basis, supported by the EMA50, noting that breaking 1648.85 might press on the price to achieve bearish correction that targets testing 1629.50 and might extend to 1598.20 before any new attempt to rise.

The expected trading range for today is between 1640.00 support and 1690.00 resistance.

The expected trend for today: Bullish