Overview
Gold price broke the minor bullish channel’s support that appears on chart to head directly for testing the key support 1,249.94, which represents 38.2% Fibonacci correction level for the rise from 1,047.61 to 1,375.01. This requires caution about any attempt to break this level, as breaking it represents the key to extend the correctional bearish wave to target 1,211.31 areas direct. Now, we expect the price to head for regaining its main bullish track depending on the stability above 1,249.94 level, supported by the stochastic move on the oversold areas. The positive targets will be hit by breaching 1,297.74 level to open the way to head towards the previously recorded top at 1,375.00 as the next main station. The expected trading range for today is between 1245.00 support and 1285.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
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