Gold retests – Analysis - 22-09-2017

Gold price shows some bullish bias now to retest 38.2% Fibonacci correction level that was broken previously to turn into key resistance now at 1299.20, as the price is affected by stochastic positivity, noting that the price still within the correctional bearish channel, falling under continuous negative pressure provided by the EMA50.

Therefore, we will continue to suggest the bearish trend in the upcoming sessions, which its next target located at 1281.17, taking into consideration that breaching 1299.20 will push the price to achieve more intraday gains to test 1321.49 before detecting its next destination clearly.

Expected trading range for today is between 1281.17 support and 1310.00 resistance.

Expected trend for today: Bearish