Gold price tests 38.2% Fibonacci correction level that formed critical support at $1,211.30 as we mentioned this morning. We depend on the stability above this level to prefer the bullish trend for today. Now we expect the metal to regain the main bullish trend. Positive targets are seen from $1,231.13. Therefore, the scenario suggested this morning will remain valid unless the price breaches $1,211.30 and holds below it. In this case, breaking this level will push the price downward to visit the next correctional level at $1,195.28. The expected trading range for today is between $1,211.30 support and $1,231.13 resistance.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Overview
Gold price tests 38.2% Fibonacci correction level that formed critical support at $1,211.30 as we mentioned this morning. We depend on the stability above this level to prefer the bullish trend for today. Now we expect the metal to regain the main bullish trend. Positive targets are seen from $1,231.13. Therefore, the scenario suggested this morning will remain valid unless the price breaches $1,211.30 and holds below it. In this case, breaking this level will push the price downward to visit the next correctional level at $1,195.28. The expected trading range for today is between $1,211.30 support and $1,231.13 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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