Gold breaks the support – Analysis - 19-05-2017

Gold price settled below 1254.56 level, to fall within the correctional bearish track again, waiting to head towards 1229.32 mainly.

Therefore, it is expected to witness temporary negative trading today, waiting to recover and regain the main bullish trend again, as stochastic and the EMA50 provide positive signals that might assist to push the price to rise again, noting that breaching 1254.56 will stop the current negative pressure and lead the price to achieve gains that reach to 1295.37 as a next main station.

Expected trading range for today is between 1230.00 support and 1260.00 resistance.

Expected trend for today: Bearish temporarily