FX.co ★ Daily analysis of GOLD for February 29, 2016

Overview

The gold price retested the 1,212.34 level and traded steadily above it. This keeps our bullish overview valid and active, waiting to resume the bearish wave that targets 1,263.23 followed by 1,300.00 mainly. We remind you that holding above 1,212.34 represents the first protecting factor in the continuation of the suggested positive scenario as breaking this level followed by 1180.86 will stop the expectations for a rise and put the price under negative pressure, which targets begin at 1,130.00 and extend to 1,098.50.

The expected trading range for today is between 1210.00 support and 1250.00 resistance.