Gold awaits the breach – Analysis - 26-05-2017

Gold price continues to fluctuate within sideways track, confined between the lines of the triangle that appears on chart, and the price needs to breach one of the key levels represented by 1249.94 support and 1263.00 resistance to detect its next destination clearly, thus, our neutrality will remain valid until we get clearer confirmation signal for the next trend.

Note that breaking the mentioned support will push the price to test 38.2% Fibonacci correction level at 1229.32, while breaching 12636.00 will push the price to return to the main bullish trend that its first target located at 1295.37.

Expected trading range for today is between 1240.00 support and 1270.00 resistance.

Expected trend for today: Depends on the above mentioned levels