Daily analysis of Gold for April 21, 2017

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Overview

Gold price keeps its stability above the EMA50 that forms good support base for the intraday trading. To enable trading inside the bullish channel displayed on chart, we are waiting until the bullish bias resumes. The first upward target is located at 1,300.00. Therefore, we will keep our bullish outlook unless 1263.17 is broken and holds below it. Breaking this level will push the price to visit the main bullish channel’s support around 1,230.00 before any new attempt to rise. Please, note that breaching 1,300.00 will extend the bullish wave to reach 1,340.00. The expected trading range for today is between 1270.00 support and 1300.00 resistance.

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