FX.co ★ Daily analysis of Gold for August 22, 2016

Overview

The gold price has begun today's trading with clear negativity and has broken the symmetrical triangle's support shown on the chart, which puts the price under negative pressure that we expect to push trading to visit the key support levels between 1,310.65 and 1,297.75 before any new attempt to resume the main bullish trend. Therefore, the bearish bias is expected today, supported by the negative pressure formed by the EMA50. A breach of 1,345.00 followed by 1,361.00 levels will stop the current negative pressure and lead the price to further gains on the short- and mid-term bases. The expected trading range for today is between the 1,310.65 support and the 1,345.00 resistance.