Gold price technical analysis 24-1-2017 indicate that The price of gold is facing strong resistance at 1218.55 U.S.D/ ounce of gold.
Gold price technical analysis 24-1-2017 channels
the issue pushes gold price to recant down again approaching the barrier 1210.00 U.S.D / Ounce of gold. while the price is still within the ascending channel that carry trades. Since, the end of last year, to keep the upside effective so far, it supported moving average 50, pending skip barrier 1218.55 to open the way for a major target of 1249.94 U.S.D / Ounce next stations.
Stability above 1205.50 and 1197.10 levels represents an important condition for the continuation of the proposed increase, as gold price break of these levels will push the pair to extend the downside correction towards 1183.83 initially before any new attempt to rise.
Expected trading range for today is between the support and resistance 1205.50 to 1240.00 U.S.D / ounce of gold.