Gold settles at the critical support – Analysis - 03/09/2014

Gold price ended yesterday’s trading exactly at 61.8% Fibonacci level for the rise that appears on the above chart, accompanied with oversold signals offered by stochastic that might assist to push the price for recovery attempts on the intraday basis.

And due to the sensitivity of the current correctional level, we prefer to stay aside temporarily in order to monitor the price behavior according to the next trend keys which are represented by 1265.75 support and 1272.00 resistance, as breaking this support will push the price for more losses that targets 1236.00 as a next main station, while breaching the resistance will motivate the price to attempt to return to the bullish trend, and the first target at 1290.00 then 1314.60.

Expected trading range for today is between: 1250.00 support and 1280.00 resistance.

Expected trend for today: Depends on the above mentioned levels