Gold confirms the break – Analysis - 23-10-2017

Gold price confirmed breaking 1281.17 level and continues to decline by this week opening, to support the continuation of the expected bearish trend on the intraday basis, which targets testing 1263.15 level mainly, noting that this level represents 61.8% Fibonacci correction for the rise measured from 1204.81 to 1357.53, which urges caution when reaching it.

The EMA50 supports the expected decline for today, noting that holding below 1281.17 represents the first condition to continue the negative overview, while breaching 1299.20 represents the key to get rid of the current negative pressure and return to the main bullish trend again.

Expected trading range for today is between 1263.00 support and 1285.00 resistance.

Expected trend for today: Bearish