Daily analysis of Gold for April 20, 2017

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Overview

Gold is trading above 1,279.00 after the negative pressure that appeared yesterday. This keeps the chances for resuming the bullish trend. Importantly, the EMA50 continues to provide positive support for the price from below to protect ongoing trading within the bullish channel. This is displayed on the above chart. Therefore, the bullish trend will remain valid in the upcoming sessions. The targets begin at 1,300.00 and extend to 1,340.00. Let me remind you that breaking 1,263.17 will push the price down. In this case, the downward targets are seen at 1,250.00 and deeper at 1,228.50 before any new attempt to rise. The expected trading range for today is between 1,270.00 support and 1,300.00 resistance.

The material has been provided by InstaForex Company – www.instaforex.com
Source: Forex Review