Gold hovers around the key support – Analysis - 01-09-2016
Economies.com
2016-09-01 03:24AM UTC
Gold price closed yesterday's trading below 1310.65 level, to support the expectations of more decline in the upcoming sessions, and the main target is represented by testing 1297.75 level, which forms 23.6% Fibonacci level for the bullish wave measured from 1047.61 to 1375.01.
Stochastic positivity interprets the reasons of the current fluctuation around 1310.65 level, noting that failing to hold below this level and breaching 1324.00 level form the first keys to stop the current negative pressure and regain the main bullish trend.
Expected trading range for today is between 1290.00 support and 1324.00 resistance.
Expected trend for today: Bearish
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