Overview
Gold price is testing the first key resistance level at 1,172.68 as the price is elevated by stochastic positivity, while the EMA50 continues to form negative pressure against the intraday trading. So the odds are in favor of the expected bearish bias for today. Therefore, we are waiting for a bearish retreat to 1,124.88. Let me remind you that breaching 1,172.68 followed by 1,188.00 will push the price to 1,211.31. Later, the price could extend to 1,249.94 after breaching the previous level. The expected trading range for today is between 1,145.00 he support and 1,180.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
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