Gold tests the minor support – Analysis - 20-02-2017
Economies.com
2017-02-20 05:30AM UTC
Gold price shows slight bearish bias to test the minor bullish channel’s support that appears in the image, noticing that the EMA50 meets this support to strengthen it, accompanied by stochastic reach to the oversold levels now.
Therefore, these factors encourage us to keep our overall bullish trend expectations, and its main targets begin at 1249.94 and extend to 1270.00 after breaching the previous level, being aware that breaking 1230.00 will push the price to test the most important support for the short term trading between 1216.50 and 1211.31 before any new attempt to rise.
Expected trading range for today is between 1220.00 support and 1250.00 resistance.
Expected trend for today: Bullish
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