Daily analysis of Gold for January 17, 2018

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Overview

This week, gold price hit a high at 1,344.70. At present, the metal is showing a slight bearish bias from there. Please note that stochastic is still providing positive signals on the intraday time frames, while the EMA50 continues to carry the price from below. Therefore, we keep our bullish overview on the intraday and short-term basis, waiting for a test of the 1,357.53 level as a next station. Let me remind you that breaching this level will extend the gold price gains to reach 1,375.00 followed by 1,404.00, while holding above 1,321.49 represents the key condition to continue the expected rise. The expected trading range for today is between 1,330.00 support and 1,357.00 resistance.

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