Gold rallies strongly – Analysis - 16-02-2017

Gold price rallied higher strongly yesterday after testing the previously breached resistance of the falling wedge that appears in the image, to approach from our main waited target at 1249.94, where the price gets positive support from the EMA50, reinforcing the chances for the continuation of the bullish bias in the upcoming period.

Therefore, we prefer achieving more of the gains in the upcoming period, pointing that breaching the targeted level will extend the bullish wave towards 1260.00 as a next main station, while holding above 1211.31 represents the most important condition for the continuation of the expected rise.

Expected trading range for today is between 1225.00 support and 1249.94 resistance.

Expected trend for today: Bullish