Daily analysis of Gold for February 07, 2018

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Overview

Gold price ended yesterday's trading below 1,335.40 that confirms the return of the correctional bearish trend in the intraday trading. We are waiting for a test of the 1,316.48 level as the next station. Therefore, the bearish trend is suggested for the short term, supported by the EMA50. Please note that breaking the target level will extend losses to reach 1,301.20. On the other hand, breaching 1,335.40 followed by 1,342.00 is the price action which will release the metal from the current negative pressure, so that the main bullish trend could regain again. The expected trading range for today is between 1,316.48 support and 1,340.00 resistance.

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