Gold touches the first target – Analysis - 23-01-2017

Gold price rallied bullishly by today's opening to touch our first main waited target at 1218.55, to continue moving inside the bullish channel that appears on chart, which hints that the price is on its way to achieve more gains on the intraday and short term basis, as breaching the mentioned level represents the key to extend the bullish wave to reach 1249.94 as a next main station.

Therefore, the bullish trend will remain suggested in the upcoming sessions supported by the EMA50, noting that the continuation of the expected bullish trend depends on holding above 1202.00 and the most important above 1197.10.

Expected trading range for today is between 1202.00 support and 1235.00 resistance.

Expected trend for today: Bullish