Overview
Gold price faces strong resistance at 1,218.55, which forces the price to drop again and approach the 1,210.00 barrier. Meanwhile, the price remains within the bullish channel that has been formed since the end of the last year. To keep the bullish trend active until now, supported by the EMA50, we are waiting until the 1,218.55 barrier is surpassed to confirm. This will open the way towards 1,249.94 level as a next main station. Holding above 1,205.50 and 1,197.10 levels is an important condition for the suggested rise to continue. However, breaking these levels will push the price to extend the bearish correctional wave to 1,183.83 initially before any new attempt to rise. The expected trading range for today is between 1,205.50 support and 1,240.00 resistance.
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