Gold touches the first target – Analysis - 27/08/2015

Gold price succeeded to touch our first main target at 1115.00, showing some slight bullish bias affected by stochastic positivity, while the EMA50 still forming negative pressure on the intraday trading, which supports the expectations of witnessing more decline in the upcoming period, to target 1100.00 level as a next main station.

Note that breaking the last level will extend Gold price losses to reach 1080.00 areas, while the negative pressure will remain valid until the price manages to breach 1161.00 level and hold above it.

Expected trading range for today is between 1100.00 support and 1140.00 resistance.

Expected trend for today: Bearish