Gold awaits the confirmation – Analysis - 18/12/2014

Gold price made attempts to break 1193.40 level but it returns to trade above it, which keeps the trading confined between the confirmation levels represented by the mentioned support and 1207.90 resistance, waiting for breaching one of them to detect the next targets clearly.

Stochastic positivity reinforces the strength of the mentioned support, while the EMA50 forms a negative pressure that supports 1207.90 resistance and it keeps the negative pressure valid until now.

In general, our neutral attitude will remain valid until now, pointing that breaking the above-mentioned support will push gold price to head towards 1178.85 then 1161.00 initially, while breaching the resistance will turn the price to the gains way, which its next targets located at 1255.00.

Expected trading range for today is between: 1178.85 support and 1226.00 resistance.

Expected trend for today: Neutral