Overview
The gold price bounced lower after retesting the previously broken bullish channel support, keeping the bearish trend scenario valid until now. The price is likely to test the critical support levels between 1,254.56 and 1,249.94 before attempting to rise again. It is important to note that a break of the mentioned levels will make the price suffer more losses falling to 1,229.32 as the next correctional target, while the price needs to breach 1,280.00 levels to stop the current negative pressure and regain the main bullish trend again. The expected trading range for today is between the 1,249.94 support and the 1,275.00 resistance.
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