Gold price has settled at the key support of $1,240.85 after attempting to break it yesterday. Please note that stochastic loses its bullish momentum clearly to approach the overbought areas while the EMA50 keeps pushing the price down. Therefore, these factors encourage us to confirm the outlook for the bearish trend in the upcoming sessions. Please note that breaking the mentioned support will open the way to target $1,204.81 on the short-term basis, while breaching $1,263.15 represents the first positive key to start recovery attempts and regain the main bullish trend again. The expected trading range for today is between $1,230.00 support and $1,255.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
Overview
Gold price has settled at the key support of $1,240.85 after attempting to break it yesterday. Please note that stochastic loses its bullish momentum clearly to approach the overbought areas while the EMA50 keeps pushing the price down. Therefore, these factors encourage us to confirm the outlook for the bearish trend in the upcoming sessions. Please note that breaking the mentioned support will open the way to target $1,204.81 on the short-term basis, while breaching $1,263.15 represents the first positive key to start recovery attempts and regain the main bullish trend again. The expected trading range for today is between $1,230.00 support and $1,255.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
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