Gold approaches from the target – Analysis - 26-05-2016

Gold price shows sideways trading affected by stochastic positivity that appears on the four hours’ time frame, which might push the price to show some temporary positive attempts before resuming the bearish bias that targets testing 38.2% Fibonacci level at 1205.80.

The EMA50 keeps pushing negatively on the intraday trading, which encourages us to continue suggesting the bearish trend in the upcoming sessions, reminding you that breaking 1205.80 level will extend the correctional bearish wave to reach 1175.60 level, while the negative scenario will remain valid unless the price managed to breach 1243.17 and hold above it.

Expected trading range for today is between 1205.00 support and 1245.00 resistance.

Expected trend for today: Bearish