Daily analysis of Gold for February 08, 2018

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Overview

Gold price resumes its downward bias to attack 1,316.48 level. The price is moving below it now. That is why we still keep our bearish outlook for the upcoming sessions. This viewpoint is reinforced by the negative signal provided by stochastic. We are waiting until the price visits 1,301.20 level which represents our next main target. Let me remind you that holding below 1,335.40 represents the most important condition for the expected decline to continue. The expected trading range for today is between 1,300.00 support and 1,330.00 resistance.

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