FX.co ★ Daily analysis of Gold for October 05, 2017

Overview

The gold price traded steadily below 1,281.17 levels, meeting the EMA50 and adding more strength to it. This supports the continuation of our bearish overview in the upcoming period with the price likely to test the 61.8% Fibonacci correction level at 1,263.15 as the next main station. Holding below 1,281.17 is important to continue the expected bearish trend as breaching it will provide an initial positive motive that supports the chances of attempting to return to the main bullish trend again. Meanwhile, a break of 1,263.15 represents the extension of the bearish wave to 1,240.85 on the short-term basis. The expected trading range for today is between the 1,260.00 support and 1,281.17 resistance.