Midday update for Gold 22/02/2016

Gold price shows strong bearish bias to attack 1212.34 level and attempts to settle below it, which requires monitoring the price behavior carefully in the upcoming sessions, where confirming breaking this level then breaking 1180.86 level will stop the suggested positive scenario in our last report and pushes the price to turn its short track to the downside.

Stochastic reaches the oversold levels to support the attempts for regaining the bullish trend, therefore, the positive scenario will remain valid for today unless witnessing clear break to 1180.86 level, reminding you that the expected targets begin at 1263.23 and extend to 1300.00.

Expected trading range for today is between 1200.00 support and 1250.00 resistance.

Expected trend for today: Bullish