FX.co ★ Daily analysis of gold for February 08, 2017

Overview

Gold resumes its positive trading after the temporary slight decline that appeared yesterday. The level of $1,235.00 is to be tested. We expect continuation of the upside movement in the upcoming sessions with the next target located at $1,249.94. In general, gold is trading within the bullish channel, which keeps our positive expectations valid on the intraday and short-term basis. Besides, our outlook is supported by the EMA50. Breaking the $1,222.00 level will push the price to test $1,211.31 levels. On the other hand, the price may extend to $1,199.00 before attempting to rise. The expected trading range for today is between $1,222.00 support and $1,250.00 resistance.