Midday update for Gold 26/08/2015

Gold price shows slight bearish bias since morning settled below 1149.00, and moves now below 38.2% Fibonacci correction level for the last bullish wave that appears in the image, which supports our expectations for the bearish trend continuation in the upcoming period, which targets visiting 1115.00 then 1100.00 levels mainly.

Therefore, we will keep the negative scenario on the intraday basis unless breaching 1162.50 level and holding above it, pointing that the EMA50 forms negative pressure now that supports the suggested decline in the upcoming sessions.

Expected trading range for today is between 1115.00 support and 1150.00 resistance.

Expected trend for today: Bearish