Overview
The gold price showed a strong break of the $1,243.17 level and closed the daily candlestick below it. This stops the recently suggested positive scenario and puts the price under the correctional bearish pressure again, opening the way to the 38.2% Fibonacci level located at $1,205.80. Therefore, bearish bias will be suggested for the upcoming sessions supported by the EMA50. A breach of the $1,243.17 level will stop the current negative pressure and lead the price to recovery again.
The expected trading range for today is between the $1,205.00 support and the 1,243.17 resistance.
The material has been provided by InstaForex Company - www.instaforex.com