Overview
Gold price continues to decline. The metal is heading for the projected target at $1,263.15. Let me remind you that this level represents 61.8% Fibonacci correction for the rise from $1,204.81 to $1,235.73. I'd like to stress the importance of this level for the short-term trading. Indeed, breaking this level will extend price losses to reach $1,240.85 as the next main station. On the other hand, holding against the current negative pressure will push the price to return to the main bullish trend again. Until now, we suggest a further bearish bias for today unless breaching $1,281.17 level and holding above it. This level is considered to be the first key to stop the current correctional bearish pressure. The expected trading range for today is between $1,255.00 support and $1,281.17 resistance.
