Midday update for Gold 26/11/2015

Gold price shows tight range trading since morning settled near the bearish pennant pattern that appears in the chart, while stochastic loses its bullish momentum gradually in attempt to provide negative motive that supports breaking the mentioned pattern’s support.

As we mentioned this morning, breaking 1068.50 level will reinforce the expectations for resuming the main bearish trend, opening the way towards 1050.00 then 1000.00 as next main targets, reminding you that holding below 1100.00 represents an important condition for the continuation of our bearish trend expectations.

Expected trading range for today is between 1050.00 support and 1100.00 resistance.

Expected trend for today: Bearish