FX.co ★ Daily analysis of gold for January 20, 2016

Overview

Gold price bounced lower after testing the previously broken bullish channel's support, which turned into resistance at $1,209.85. The price needs to breach this level to resume the main bullish trend. The initial target is located at $1,218.55 and the next one lies at $1,249.94. We will keep our positive outlook in the upcoming period if the price holds above $1,197.10. Breaking this level will push the price lower towards the level of $1,183.83. The expected trading range for today is between $1,197.10 support and $1,230.00 resistance.