Overview
Gold price is testing 1,183.83 level after closing the last four-hour candlestick below it. As long as the price is below this level, the negative pressure will remain dominant for today, waiting to test 1,173.00 as the next main target. Let me remind you that breaking this level will extend gold losses to reach 1,162.40. Note that breaching 1,183.83 will lead the price to test the most important resistance at 1,197.10 before determining the next destination on the short-term basis. Breaching the last level will stop the correctional bearish pressure and lead the price to regain its main bullish track again. The expected trading range for today is between 1,170.00 support and 1,190.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
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