FX.co ★ Daily analysis of Gold for May 10, 2017

Overview

Gold price has been fluctuating within a tight range since morning, keeping below 1,229.32. Please note that stochastic is losing its positive momentum gradually to reach the borders of the overbought areas. This supports the chances of a bearish reversal to resume the bearish trend. To keep the decline expected for the near sessions, the metal is waiting to test 1,208.92 level initially. Let me remind you that breaking this level will push the price down to 1,188.52 directly. Therefore, the negative scenario will remain valid for today. Please note that breaching 1,229.32 will enable the price to test the most important resistance in the short term at 1,254.56 before the next destination is determined. The expected trading range for today is between 1208.00 support and 1229.00 resistance.