FX.co ★ Daily analysis of Gold for January 05, 2016

Overview

Gold price made the first breach to $1,172.68 and closed the last four-hour candlestick above it. This proves our bullish outlook in the short term. So we expect a daily close above the mentioned level to add more confirmation to the extended rally on the intraday and short-term basis. The EMA50 continues to support the price from below, to keep the bullish trend active for the upcoming sessions unless the metal breaks $1,151.00 and sinks below it. The expected trading range for today is between $1,160.00 support and $1,190.00 resistance.