Overview
The gold price has been trading sideways in a tight range since morning settled at $1,220.00 as long as the price is below $1,243.17. So our bearish trend expectations will remain valid and active for the rest of the day, supported by the negative pressure that comes from the EMA50; current stochastic positivity explains the reasons for the sideways fluctuation. Our next main target is located at $1,205.80 and a break of this level will extend the bearish correctional wave to $1,175.60 directly.
The expected trading range for today is between the $1,190.00 support and the $1,230.00 resistance.