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

Overview

Gold price has fallen under more negative pressure to fluctuate below 1,230.00 barrier now. This supports ta further decline on the intraday basis. We are still waiting for the 1,211.31 level to be tested as the next main target. Please note that the EMA50 keeps supporting the expected bearish wave. Therefore, we are waiting for more declines in the upcoming sessions. Be aware that breaking the target level will extend gold price losses to reach 1,172.70. The suggested decline will remain valid unless the price is able to breach 1,243.80 followed by 1,250.00 levels and hold above them. The expected trading range for today is between 1,211.30 support and 1,240.00 resistance.