FX.co ★ Daily analysis of Gold for February 14, 2017

Overview

Gold showed initial breach to the falling wedge's resistance that appears on the chart and closed the last 4-hours' candlesticks above it, which supports the continuation of our bullish overview efficiently in the upcoming period, paving the way to head towards our next main target at 1,249.94. Therefore, we are waiting for more rise today conditioned by the price stability above 1,221.50. Breaking it, it represents the negative factor that will push the price to visit 1,207.75 before any new positive attempt. The expected trading range for today is between 1,217.00 support and 1,249.94 resistance.