The Gold price settled near our waited target at 1263.15, reminding you that this level represents 61.8% Fibonacci correction for the rise measured from 1204.81 to 1357.53, which means that breaking it will extend Gold price losses to reach 1240.85 direct, especially that the price moves within bearish channel supported by the EMA50. In general, we will continue to suggest the bearish trend in the upcoming sessions unless the price managed to breach 1281.20 level and hold above it, as this breach will push the price to start recovery attempts and regain the main bullish trend again, to start the positive targets at 1299.20 and extend to 1321.50. The expected trading range for today is between 1255.00 support and 1275.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
Overview
The Gold price settled near our waited target at 1263.15, reminding you that this level represents 61.8% Fibonacci correction for the rise measured from 1204.81 to 1357.53, which means that breaking it will extend Gold price losses to reach 1240.85 direct, especially that the price moves within bearish channel supported by the EMA50. In general, we will continue to suggest the bearish trend in the upcoming sessions unless the price managed to breach 1281.20 level and hold above it, as this breach will push the price to start recovery attempts and regain the main bullish trend again, to start the positive targets at 1299.20 and extend to 1321.50. The expected trading range for today is between 1255.00 support and 1275.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
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