Overview
Gold's recent trading is confined within a bearish pennant pattern. This means that breaking its support at 1,291.40 will activate the negative effect of this pattern. It will also push the price to resume the bearish trend, which targets 1,285.90 followed by 1,267.00 as the next main stations. Therefore, we still suggest the bearish scenario in the hsort term unless breaching 1,301.20 level and holding above it. The expected trading range for today is between 1,280.00 support and 1,310.00 resistance.
