Overview
The gold price continues its decline clearly reaching the awaited target at 1,124.88, which supports our expectations of a deeper decrease today. It is important to monitor the price behavior when reaching the targeted level, as the break of it will extend the bearish wave and target 1,047.61 areas as the next main station. In general, we still expect bearish bias in the upcoming period unless the price breaches 1,172.68 and holds above it. The expected trading range for today is between the 1,124.88 support and the 1,154.75 resistance.
