Gold tests the initial targets 31/01/2013

Gold price managed to achieve the mentioned target in our recent reports at 1683.00, to find a good resistance there forces it to stop and fluctuates in sideways range now.

Trading above EMA50 and the minor bullish trend line appears in the image are factors make us prefer the continuation of the bullish trend on the intraday basis, and the target now is testing the strength of 1692.00 level, where breaching above this level will open the door for the main bullish trend which was stopped previously to make a bearish correction that reached recently to 1625.00

Expected trading range for today is between: 1671.00 support and 1692.00 resistance.

Expected trend for today: Bullish