Midday update for Gold
Gold price broke the minor bullish channel’s support and 1238.30 level, which supports the continuation of our bearish trend overview efficiently for today, which is supported by stochastic and the EMA50 negativity, reminding you with our main waited target at 1200.00.
The expected bearish trend continuation depends on holding below 1252.00 and 1267.00 levels.
Expected trading range for today is between: 1213.00 support and 1252.00 resistance.
Expected trend for today: Bearish
---------- Post added 02-11-2015 at 06:44 AM ---------- Previous post was 02-10-2015 at 07:08 PM ----------
Gold tests the resistance barrier
Gold price closed yesterday trading below 1238.30 level, to get a good negative factor that supports the continuation of the bearish trend expectations in the upcoming period, supported by the EMA50 continuously, where we wait for heading towards 1200.00, which represents the full target of the double top pattern that appears in the above chart.
Stochastic current positivity might cause sideways trading and some temporary positive attempts before resuming the bearish trend again, which will remain valid and active unless breaching 1252.00 then 1264.00 levels and holding above them.
Expected trading range for today is between: 1213.00 support and 1252.00 resistance.
Expected trend for today: Bearish


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