Gold negotiates the key resistance – Analysis - 24/11/2014

Gold price made an initial test to 61.8% Fibonacci correction level of the bearish wave that appears in the above image at 1207.90, where it finds good resistance that decelerates the positive attempts of the price until now.

On the other hand, the previously completed double bottom pattern effect remains valid, supported by the EMA50, which encourages us to keep our positive expectations on the intraday basis, waiting for visiting 1225.00 levels mainly, taking into consideration that the continuation of the suggested bullish trend continuation depends on the stability above 1178.85 level.

Expected trading range for today is between: 1190.00 support and 1225.00 resistance.

Expected trend for today: Bullish