FX.co ★ Daily analysis of Gold for November 23, 2016

Overview

The gold price has been hovering around $1,211.31 levels since yesterday, while stochastic keeps providing positive signals on the four-hour time frame, which is likely to make the price resume the expected bullish bias in the upcoming period. Bullish targets begin by surpassing the $1,225.85 barrier opening the way to $1,249.94 as the first main target. Therefore, our bullish overview will remain valid and active in the upcoming sessions unless breaking and holding below $1,198.00 levels it as the breach is a negative factor that will push the price to the next correctional level at $1,172.68 before any new attempt to rise. The expected trading range for today is between the $1,200.00 support and the $1,240.00 resistance.