Gold approaches from the target – Analysis - 19-09-2017
Gold price settles around 1307.00 level since yesterday, and the price declined clearly to approach from our main waited target at 1299.20, reminding you that this level represents 38.2% Fibonacci correction level for the rise measured from 1204.81 to 1357.53, which means that breaking it will push the price to head towards 1281.17 direct.
The organized trading inside the intraday bearish channel that appears on chart supports the chances of continuing the decline in the upcoming period, to keep the negative scenario valid and suggested unless the price managed to rally upwards to breach 1324.00 level and hold with a daily close above it.
Expected trading range for today is between 1290.00 support and 1321.00 resistance.
Expected trend for today: Bearish
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