FX.co ★ Daily analysis of Gold for February 21, 2017

Overview

The price achieved a break to the minor bullish channel's support, and stochastic provides negative signal now that supports the continuation of the decline in the upcoming period, to make the bearish bias preferred on the intraday basis, and the target is testing the main bullish channel's support at 1,218.50 mainly, pointing that we will be waiting for a bullish rebound after hitting the mentioned target to resume the main bullish trend. Therefore, we prefer the domination of the negative pressure on the upcoming trading until breaching 1,236.00 and holding above it, where this breach will allow the price to regain its bullish track, and its main targets begin at 1,249.94 and extend to 1,270.00.