Gold price hovers near 1,250.00 level and it remains below the intraday bullish channel’s support. That signals that the negative pressure remains preferred, waiting for testing 23.6% Fibonacci correction level at 1,231.13 mainly. Therefore, the bearish trend will remain preferred in the upcoming sessions unless breaching 1,263.17 level. We remind you that the current decline is temporary and we wait until resuming the main bullish trend on the short and medium term basis after breaching the last level. The expected trading range for today is between 1,231.00 support and 1,260.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Overview
Gold price hovers near 1,250.00 level and it remains below the intraday bullish channel’s support. That signals that the negative pressure remains preferred, waiting for testing 23.6% Fibonacci correction level at 1,231.13 mainly. Therefore, the bearish trend will remain preferred in the upcoming sessions unless breaching 1,263.17 level. We remind you that the current decline is temporary and we wait until resuming the main bullish trend on the short and medium term basis after breaching the last level. The expected trading range for today is between 1,231.00 support and 1,260.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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