FX.co ★ Daily analysis of GOLD for February 05, 2016

Overview

The gold price confirmed a breach of the 1,150.56 level after closing the daily candlestick above it, heading to extend the bullish wave on the short-term basis, with the main target at 1,182.80. Therefore, the bullish trend is expected on the intraday and short-term bases; and the positive targets extend to 1,200.00. The price exiting the bearish channel hints at the key turn in the short- and medium-term trend to the upside. The positive overview will remain valid and active unless breaking 1,130.60 level and holding below it.The expected trading range for today is between 1,140.00 support and 1,182.80 resistance.