Overview

Gold price eventually confirmed breaching $1,211.31 after closing the daily candlestick above it. This supports the continuation of the bullish rally on the intraday and short-term basis. Besides, it opens the way towards $1,249.94 in the short run. The metal is to trade within the bullish channel that is displayed on the chart. Therefore, we are waiting for a clearer upside track in the near sessions that is supported by the EMA50. We are being aware that breaking $1,211.31 and then $1,200.00 will stop the bullish rally and push the price down to visit $1,172.68 before any new attempt to rise. The expected trading range for today is between $1,200.00 support and $1,235.00 resistance.