FX.co ★ Daily analysis of Gold for January 17, 2016

Overview

The gold price shows slight positive trading gradually approaching our first awaited target at 1,211.31 and keeps moving inside the bullish channel shown on the chart. The EMA50 protects trading inside this channel, providing positive chances of breaching the mentioned level followed by opening the way to 1,249.94. Therefore, we still expect the bullish trend in the upcoming sessions conditioned by the price stability above 1,193.50, as a break of this level represents a negative factor that will push the price to test 1,172.68 before any new attempt to rise. The expected trading range for today is between the 1,193.50 support and the 1220.00 resistance.