FX.co ★ Daily analysis of Gold for March 02, 2017

Overview

Gold found solid resistance at 1,249.94 that forced it to decline and move below the minor bullish channel's support, while the price still inside the main bullish channel that its support line located at 1,232.25. As long as the price is above the mentioned support, the bullish trend scenario will remain valid for today, waiting to surpass 1,249.94 level to confirm opening the way to head towards 1,285.00, as a next main target. Notice that breaking 1,232.25 will push the price to start correctional bearish wave that its main targets begin at 1,209.75. The expected trading range for today is between 1,232.25 support and 1,250.00 resistance.