FX.co ★ Daily analysis of Gold for January 31, 2018

Overview

Gold price is hovering around the EMA50 now. The bearish scenario is still valid for today as long as the price remains stable below 1,353.00. Let me remind you that we need to break 1,335.40 to confirm a longer bearish wave towards 1,316.48 as the next station. We should note that breaching 1,353.00 will stop the suggested correctional bearish scenario and push the price to regain its main bullish track again. The expected trading range for today is between 1,325.00 support and 1,353.00 resistance.