Daily analysis of Gold for February 23, 2018

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Overview

The gold price has begun today's trading with bearish bias after the yesterday rise. Stochastic lost its bullish momentum clearly to move in the overbought areas, approaching it to confirm the negative overlap and creating negative momentum that we are waiting to push the price downwards again. This is also supported by the negative pressure formed by the EMA50. Therefore, we still expect the bearish trend in the upcoming sessions unless the price manages to breach the 1.335.40 level and hold above it, reminding you that our next main target is located at 1,316.48. The expected trading range for today is between the 1,310.00 support and the 1,335.00 resistance.

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