Gold price surpasses the target – Analysis - 27-01-2020

Gold price opened today’s trading positively to surpass 1575.90 level and settles above it, which supports the expectations of continuing the bullish trend on the intraday and short term basis, opening the way to head towards the previously recorded top at 1611.20 as a next main target.

Therefore, the bullish trend scenario will remain valid for the upcoming period supported by the EMA50, noting that breaking 1575.90 and holding below it might press on the price to test 1554.10 areas before any new attempt to rise.

The expected trading range for today is between 1570.00 support and 1600.00 resistance.

The expected trend for today: Bullish