Overview
The gold price traded steady below the 23.6% Fibonacci level that was broken previously and turned into key resistance at 1,227.40. This makes the correctional bearish scenario valid and active, supported by stochastic negativity. Therefore, the price is likely to test the 1,193.00 level initially. A break of this level represents the key to extend the bearish wave to 1,165.27 as the next main station. Meanwhile, a breach of 1,227.40 followed by 1,240.00 levels will stop the suggested bearish correction and lead the price to regain its main bullish track.
The expected trading range for today is between 1,193.00 support and 1,230.00 resistance.
The material has been provided by InstaForex Company - www.instaforex.com