Overview
Gold was trading with a downward bias yesterday. However, the price rebounded from 1,155.00 to settle next to 1,172.68 again as stochastic provides positive signals in the four-hour time frame, while the EMA50 is forming negative pressure in the intraday trading. Therefore, this contradiction between the technical indicators makes us continue our neutral outlook until the price confirms breaching one of the next trend keys represented by 1172.68 support and 1187.00 resistance. This reminds you that breaking this support will extend losses to reach 1,124.88 as the next main station. On the other hand, breaching 1,187.00 will open the way for the price recovery on the intraday and short-term basis with upward targets at 1,211.31 and higher at 1,249.94. The expected trading range for today is between 1150.00 support and 1195.00 resistance.
The material has been provided by InstaForex Company - www.instaforex.com