Gold declines again – Analysis - 09-12-2016

The EMA50 formed solid resistance barrier that forced Gold price to decline and break 1172.68 level again, which reactivate the bearish trend scenario on the intraday basis, paving the way to head towards 1124.88 as a next main station.

Therefore, the bearish bias will be suggested in the upcoming sessions unless breaching 1172.68 followed by 1186.00 levels and hold above them, which will stop the expected decline and lead the price to recover on the short term basis.

Expected trading range for today is between 1140.00 support and 1186.00 resistance.

Expected trend for today: Bearish