Gold price is fluctuating near the initial resistance of 1,229.32, which is met by the EMA50 to add more strength to it, while stochastic is approaching from the overbought areas now. Therefore, these factors encourage us to expect the bearish trend in the upcoming sessions. The first target is represented by testing 50% Fibonacci correction at 1,208.92. Please note that breaking it will push the price towards 1,188.52 directly, while breaching 1,229.32 represents the first upward target to regain the main bullish trend. The metal could head towards the most important resistance in the short term to trade at 1,254.56. The expected trading range for today is between 1,208.00 support and 1,235.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Overview
Gold price is fluctuating near the initial resistance of 1,229.32, which is met by the EMA50 to add more strength to it, while stochastic is approaching from the overbought areas now. Therefore, these factors encourage us to expect the bearish trend in the upcoming sessions. The first target is represented by testing 50% Fibonacci correction at 1,208.92. Please note that breaking it will push the price towards 1,188.52 directly, while breaching 1,229.32 represents the first upward target to regain the main bullish trend. The metal could head towards the most important resistance in the short term to trade at 1,254.56. The expected trading range for today is between 1,208.00 support and 1,235.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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