Overview
Gold price opened this week with a clear decline towards the main target at 1,205.80. It was pushed negatively to surpass the target and settles below it. This opens a way for the extension of the correctional bearish wave on the short-term basis to target 1,175.60 areas as next main station. Therefore, we expect witnessing more negative trading in the upcoming sessions, supported by the negative pressure offered by the EMA50. Note that continuation of the bearish bias depends on the stability below 1,243.17.
The expected trading range for today is between 1,175.60 support and 1,220.00 resistance.
