The gold price found a good intraday support base at 1,320.00 and showed some slight bullish bias affected by Stochastic’s positivity, which gradually loses its bullish momentum heading towards the overbought areas. The EMA50 keeps on placing the intraday trading under negative pressure. Therefore, these factors boosts our expectations for the bearish trend in the upcoming sessions, which targets test 1,303.58 – 1,297.75 levels before attempting to return to the main bullish trend. Remember that a break of the mentioned levels will extend gold price losses to 1,249.95 as the next main station. On the other hand, a breach of the 1,360.50 level and holding above it will make the price regain its bullish track without the need for the current decline.
The expected trading range for today is between the 1,303.58 support and the 1,350.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com