FX.co ★ Daily analysis of Gold for December 13, 2016

Overview

The gold price shows slight bearish bias approaching from 1,154.75 levels again. Stochastic begins to overlap negatively on the four-hour time frame, thus providing negative momentum that we were awaiting to push the price to break the mentioned level and resume the bearish trend on the intraday and short-term basis, targeting 1,124.88 levels mainly. Therefore, our bearish overview will remain valid and active for today unless breaching and holding above 1,172.68 and 1,182.00 levels. The EMA50 keeps supporting the suggested bearish wave by placing the price under negative pressure. The expected trading range for today is between the 1,140.00 support and the 1,172.68 resistance.