Daily analysis of GBP/USD for February 24, 2017

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Overview

The GBP/USD pair has been hovering around 1.2550 levels since morning and made an initial attempt to breach it, keeping the bullish trend scenario active for today; the price is likely to rally to 1.2720 directly. Therefore, the bullish trend scenario will remain valid in the upcoming sessions unless breaking and holding below 1.2475 levels, pointing that the EMA50 provides positive support for the suggested bullish wave. The expected trading range for today is between the 1.2475 support and the 1.2650 resistance.

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

Daily analysis of EUR/USD for February 24, 2017

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Overview

The EURUSD pair achieved an initial breach of the first critical resistance level at 1.0581 to begin testing the resistance of the falling wedge at 1.0600. A breach of these levels will stop the suggested bearish trend in our last reports and push the price to achieve gains that begin at 1.0731. In general, the suggested scenario will remain valid unless breaching and holding above 1.0600. The awaited target of the current bearish wave is located at 1.0455. The expected trading range for today is between the 1.0455 support and the 1.0650 resistance.

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

Daily analysis of Gold for February 24, 2017

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Overview

The gold price resumed its bullish rally breaching 1,249.94 levels and building a major support base above it, which supports the continuation of our bullish trend expectations efficiently in the upcoming period. The view is also supported by the EMA50, and the price is likely to head towards our next target at 1,270.00. Note that holding above 1,249.94 levels became the first condition for the continuation of the bullish rally for today. A break of it will push the price to test critical support levels that begin at 1,236.00 and might extend to 1,225.50 before any new attempt to rise. The expected trading range for today is between the 1,240.00 support and the 1,270.00 resistance.

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

Daily analysis of Silver for February 24, 2017

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Overview

The silver price managed to hit our initial main target at 18.30 and settled there, waiting to breach this level to confirm extension of the bullish wave to 19.38 as the next main station. The price remains within the bullish channel shown in the image, which supports expectations for more upside moves. Therefore, the positive scenario will remain valid for today conditioned by holding above 17.95 levels. The expected trading range for today is between the 18.00 support and the 18.45 resistance.

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