Gold pushes on the support – Analysis - 13-12-2017

Gold price settles at the key support 1240.85 after attempting to break it yesterday, noticing that stochastic loses its positive momentum clearly to approach the overbought areas, while the EMA50 keeps pushing negatively on the price.

Therefore, these factors encourage us to continue suggesting the bearish trend in the upcoming sessions, noting that breaking the mentioned support will open the way to target 1204.81 areas on the short term basis, while breaching 1263.15 represents the first positive key to start recovery attempts and regain the main bullish trend again.

Expected trading range for today is between 1230.00 support and 1255.00 resistance.

Expected trend for today: Bearish