Gold loses the momentum – Analysis - 25/08/2014

Gold price continues to fluctuate within sideways and tight range, noting that stochastic is losing its bullish momentum to support the continuation of the negative pressure on the intraday basis, waiting to test the critical support at 1266.00, which represents an important key to detect the next intraday trend, as breaking it will extend gold losses to reach 1236.00 areas mainly.

On the other hand, breaching 1290.00 will offer an initial positive support that supports the attempts to stop the current bearish bias followed by attempts to turn back to the bullish trend again.

Expected trading range for today is between: 1266.00 support and 1290.00 resistance.

Expected trend for today: Bearish