Gold returns to the channel – Analysis - 23-05-2017

Gold price closed the daily candlestick above the bullish channel’s support, which stops the suggested negative scenario in our last reports and pushes the price to regain its main bullish track, targeting testing the recorded top at 1295.37 as a next main station.

Therefore, we expect witnessing more of the upside moves in the upcoming sessions, supported by the EMA50 that provides positive support for the price, taking into consideration that holding above 1254.56 represents an important condition for the continuation of the suggested bullish trend, where breaking it will push the price to test 1229.32 levels again before any new attempt to rise.

Expected trading range for today is between 1250.00 support and 1280.00 resistance.

Expected trend for today: Bullish