Overview
The gold price shows slight negative trading gradually heading towards our awaited target at 1,243.17 as the price is affected by the previously completed triple top pattern. The mentioned level represents the full target of the negative pattern, which means that the chances to resume the main bullish trend again will be valid. Therefore, the bearish bias is temporarily expected during the upcoming sessions unless breaking the 1,243.17 level and holding below it. This will extend the bearish wave to 1,205.80 as the next main station; while a breach of 1,278.00 levels represents a positive factor that will allow the price to recover and regain its main bullish track. The expected trading range for today is between the 1,243.17 support and the 1,280.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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