FX.co ★ Daily analysis of GOLD for February 12, 2016

Overview

Yesterday, the gold price bounced clearly to the downside after approaching from our main awaited target at 1267.20 to retest 1219.68 levels, which represent the key support base, after breaching it previously. We expect a higher rise. In general, we still suggest the bullish trend on the intraday and short-term basis. Breaching 1,267.20 levels will extend the gold price gains to target 1,300.00 areas mainly; while breaking 1,219.68 levels might push the price to test 1,282.80 levels directly before any new attempt to rise.

The expected trading range for today is between 1220.00 support and 1267.20 resistance.