Daily analysis of Gold for January 06, 2016

Overview

Gold price retested $1,172.68 level this morning and is rebounding from there. This dynamic supports the continuation of our bullish outlook in the short term. Importantly, the stochastic gets rid of its negativity gradually to reinforce the chances that the expected rise will continue. Therefore, the bullish trend remains valid and active for today conditioned by holding above $1,158.00. Let me remind you that our next main target is located at $1,211.31. The expected trading range for today is between $1,165.00 support and $1,200.00 resistance.

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