FX.co ★ Daily analysis of Gold for February 24, 2017

Overview

The gold price resumed its bullish rally breaching 1,249.94 levels and building a major support base above it, which supports the continuation of our bullish trend expectations efficiently in the upcoming period. The view is also supported by the EMA50, and the price is likely to head towards our next target at 1,270.00. Note that holding above 1,249.94 levels became the first condition for the continuation of the bullish rally for today. A break of it will push the price to test critical support levels that begin at 1,236.00 and might extend to 1,225.50 before any new attempt to rise. The expected trading range for today is between the 1,240.00 support and the 1,270.00 resistance.