FX.co ★ Daily analysis of gold for February 08, 2018

Overview

Gold price crawls downwards gradually on its way towards our expected target at $1,301.20. As long as the price is below $1,316.48, the bearish trend scenario will remain active for today. Note that breaking the target level will extend losses and bring gold prices to the level of $1,285.90 as a next station. Breaching $1,316.48 represents the first key to attempt to stop the current correctional bearish pressure and return to the main bullish trend. The expected trading range for today is between $1,300.00 support and $1,320.00 resistance.