FX.co ★ Daily analysis of Gold for September 01, 2016

Overview

The gold price shows slight negative trading heading towards our next awaited target at 1,297.75. This supports the continuation of the bearish trend scenario for the rest of the day. It is important to monitor the price behavior when reaching the targeted level as a break of it represents the key to bearish wave extension to 1,249.95. The EMA50 continues to support the suggested bearish wave, which will remain valid unless the price manages to breach 1,324.00 levels. The expected trading range for today is between the 1,290.00 support and the 1,324.00 resistance.