Overview
Gold price is fluctuating around the key support 1227.40, which represents 23.6% Fibonacci of the rise measured from 1047.60 to 1282.90. Thus, it confirms that breaking this level will open the way to extend the bearish correction to target 1193.00 areas. On the other hand, stochastic offers clear positive signals that might protect the price from suffering more declines and add more strength to the current support areas, which makes us continue with our neutrality until the price offers a clearer signal for the next trend, which we will get through breaching one of the next trend keys represented by 1227.40 support and 1242.50 resistance. Please be aware that breaching this resistance will stop the correctional bearish pressure and lead the price to achieve gains that start at 1282.90 and extend to 1300.00.
The expected trading range for today is between 1205.00 support and 1250.00 resistance.
The material has been provided by InstaForex Company - www.instaforex.com