Overview
The gold price has been showing some slight bullish bias since morning approaching from testing the EMA50, which forms an intraday resistance barrier at 1,345.25 and supports our negative scenario. Stochastic's positivity interprets the reasons for the current bullish bias. Therefore, the bearish bias will be expected on the intraday basis, noting that this decline is temporary and that the price is likely to rebound bullishly after touching the mentioned level. Stochastic provides positive signals supporting the chances of resuming the main rise. A break of the 1,303.58 level will push the price to suffer more losses with next targets reaching to 1,250.00.
On the other hand, a breach of the 1,356.50 level will stop the current negative pressure and bring the price to the main bullish track again, without the suggested decline.
