Daily analysis of Gold for January 31, 2016

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Overview

Gold price opened today's trade with the obvious bullish bias to breach 1,197.10 level and settled above it. This enables the positive scenario on the intraday and short-term basis, paving the way to head towards the recently recorded top at 1,218.55 as the nearest target. Therefore, the bullish trend will be suggested in the upcoming sessions supported by the EMA50, conditioned by the price stability above 1,197.10 level, as breaking this level might push the price to test 1,183.83 areas again. The expected trading range for today is between 1,190.00 support and 1,218.55 resistance.

The material has been provided by InstaForex Company - www.instaforex.com
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