Gold price tests the resistance – Analysis - 14-06-2018

Gold price fluctuates at 1301.20 level and keeps its stability below it until now, accompanied by stochastic reach to the overbought areas, to form negative factor that we are waiting to assist to push the price to decline again, to keep the bearish trend scenario valid for the upcoming period, depending on the stability below the mentioned level, as breaching it will push the price to achieve gains that start at 1316.48 and extend to 1335.40 on the near term basis.

Note that the expected bearish wave targets begin at 1285.90 followed by 1267.00 after breaking the previous level.

Expected trading range for today is between 1275.00 support and 1310.00 resistance.

Expected trend for today: Bearish