Overview
Gold price succeeded to touch our projected target at $1,281.17 and settled there, while the bearish channel keeps putting pressure on the price supported by the EMA50. This makes us suggest a further bearish bias in the upcoming sessions to break the mentioned level followed by opening the way to extend the bearish wave to reach $1,263.15. Therefore, the bearish trend will remain dominant on the intraday and short-term basis unless the price breached $1,299.20 level and holds above it. This breach represents the first positive target to stop the current negative pressure and return to the main bullish trend again. The expected trading range for today is between $1,270.00 support and $1,295.00 resistance.
