Gold recovers – Analysis - 22-02-2017

Gold price provided positive trading after hitting 1226.00 level yesterday, to begin testing the previously broken support for the minor bullish channel that appears in the image that turns into resistance now at 1239.00, waiting for breaching this level to confirm regain its main bullish track.

Therefore, we prefer witnessing positive trading in the upcoming sessions supported by the movement above the EMA50, waiting for targeting 1249.94 then 1270.00 levels mainly, being aware that breaking 1221.00 level will stop the expected rise and puts the price under negative pressure, and its main targets begin at 1211.31 before any new attempt to rise.

Expected trading range for today is between 1221.00 support and 1250.00 resistance.

Expected trend for today: Overall bullish