Midday update for Gold 07-12-2016
Economies.com
2016-12-07 11:04AM UTC
Gold price is testing the first key resistance level at 1172.68, as the price is affected by stochastic positivity, while the EMA50 continues to form negative pressure against the intraday trading, to keep the chances valid to continue the expected bearish bias for today.
Therefore, we are waiting for a bearish rebound to head towards 1124.88 level mainly, reminding you that breaching 1172.68 followed by 1188.00 levels will push the price to achieve gains that start at 1211.31 and extend to 1249.94 after breaching the previous level.
Expected trading range for today is between 1145.00 support and 1180.00 resistance.
Expected trend for today: Bearish
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