FX.co ★ Daily analysis of GOLD for February 11, 2016

Overview

Gold price rallied to the upside sharply attacking 1219.70 level. The metal is trying to settle above it, raising expectations for more upside moves on the intraday and short term basis. The price needs a daily close above the mentioned level to confirm the extension of the bullish wave to 1267.20 mainly. Holding above 1182.80 level represents an initial important condition for the continuation of the expected rise for today. A break of this level will push the price to retest 1150.56 levels and it might extend to 1130.60 before any new attempt to resume the bullish bias. Therefore, we will keep our bullish trend if the price settles above 1182.80 level.

Expected trading range for today is between 1190.00 support and 1230.00 resistance.