Gold has been moving sideways since the 14th of January 2016, with the price ranging mostly between the levels of 1082.25 and 1096.66.
During the course of the day on Tuesday, the precious metal went back and forth, reaching the highs of 1094.55 and the lows of 1082.25. Today, the pair has been escalating, reaching the daily highs of 1096.66 at the moment of writing. With that being the case, it looks like the price will keep going higher. In the event that the price breaks above 1097.52, profit targets could be set at 1101.89 and 1108.48 in extension.
Conversely, in the scenario where the price corrects to the downside, penetrating the level of 1085.55, the price could decelerate down to 1080.32 and 1075.95 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.