Gold price shows sideways and tight trading after the decline that it witnessed yesterday, as it fluctuates around 1245.00 level now, and as long as the price is below 1254.56, our bearish overview will remain valid on the intraday basis, and we still waiting to test 38.2% Fibonacci correction level at 1229.32 before attempting to resume the main bullish trend again.
Therefore, we are waiting for negative trading in the upcoming sessions supported by the EMA50, reminding you that breaking the targeted level will push the price towards 1208.92 as a next main target.
Expected trading range for today is between 1229.00 support and 1254.00 resistance.
Expected trend for today: Bearish