Daily analysis of Gold for February 26, 2018

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Overview

The Gold price opens today's trading with strong rise after leaning well on the bullish channel's support that appears on the chart, to breach 1335.40 level and settles above it now, which hints stopping the recently suggested negative scenario and head to regain the main bullish trend again, supported by moving above the EMA50 besides that positive signal provided by stochastic. Therefore, the bullish trend will be expected for the upcoming period, and the next target is located at 1365.97, taking into consideration that breaking 1335.40 and holding below it will push the price to return to the correctional bearish track that its target located at 1316.48. The expected trading range for today is between 1325.00 support and 1350.00 resistance.The material has been provided by InstaForex Company - www.instaforex.com