Overview
The gold price crawls calmly to the downside approaching the awaited support at 1,254.56 and keeping the bearish bias active for today, which is also supported by the EMA50 that pushes the price negatively. We are waiting for a bullish rebound after testing 1,254.56 and 1,249.94 levels to resume the main bullish trend. On the other hand, you should be aware that a break of the mentioned levels will push the price to 1,229.32 before any new attempt to rise, while a breach of the 1,277.00 represents the key to regaining the main bullish trend and stopping the current negative pressure. The expected trading range for today is between the 1,249.94 support and the 1,277.00 resistance.
The material has been provided by InstaForex Company - www.instaforex.com
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