Gold retests – Analysis - 23-06-2017

Gold price retested 1254.56 level and bounced bearishly from there, and the EMA50 continues to form negative pressure against the intraday trading, while stochastic provides negative signal on the four hours' time frame.

Therefore, these factors encourage us to continue suggesting the bearish trend in the upcoming sessions, reminding you that our main waited target is located at 1229.32, reminding you that breaking this level will extend the correctional bearish wave to reach 1208.92, while the price needs to breach 1254.56 to stop the current negative pressure followed by regaining the main bullish trend again.

Expected trading range for today is between 1229.30 support and 1260.00 resistance.

Expected trend for today: Bearish