FX.co ★ Daily analysis of Gold for February 23, 2017

Overview

The gold price has been moving in a sideways track recently, holding above the EMA50. Therefore, we still prefer the bullish trend on the intraday and short-term basis, and the price needs to breach 1,242.00 levels to confirm the return to the previously broken minor bullish channel and then achieve our positive targets that begin at 1,249.94 and extend to 1,270.00. Holding above 1,222.90 levels represents an important condition for the continuation of the suggested bullish trend. The expected trading range for today is between the 1,225.00 support and the 1,250.00 resistance.