Midday update for Gold 26-06-2017

Gold price suffered strong losses this morning to break 1254.56 level again and settles below it, which reactivate the negative scenario that targets testing 38.2% Fibonacci correction level at 1229.3, thus, the bearish bias will be suggested for the rest of the day, supported by the negative pressure formed by the EMA50 now.

It is important to monitor the price behavior when reaching the targeted level, as breaking it will extend Gold price losses to reach 1208.92 on the near term basis, while the expected decline will remain valid unless the price managed to breach 1254.56 level and hold with a daily close above it.

Expected trading range for today is between 1229.00 support and 1250.00 resistance.

Expected trend for today: Bearish