Overview
The gold price has opened the today trading with clear negativity, testing the intraday bullish trend line that appears in the image and approaching from the critical support at 1,227.40. The support represents 23.6% Fibonacci correction level for the upside track measured from 1,047.60 to 1,282.90. As we mentioned in our previous reports, holding above the mentioned support is the key condition for the continuation of the positive scenario in the upcoming period. A break of the support will put the price under bearish correctional pressure, which main targets begin at 1,193.00. Therefore, we still expect the bullish trend in the upcoming sessions conditioned by holding above 1,227.40 and supported by stochastic approach from the oversold levels. The price is likely to breach the 1,282.90 level to ease movements towards our next awaited main target at 1,300.00.
We expect that the trading range for today is between 1,220.00 support and 1,260.00 resistance.
The material has been provided by InstaForex Company - www.instaforex.com