Midday update for Gold 29-08-2016

Gold price fluctuates within tight track since morning settling around 1320.00, and as long as the price is below the intraday resistance formed by the EMA50 at 1332.00, the bearish bias will remain valid for today, waiting to test 1310.65 followed by 1297.75 levels mainly.

We remind you that the stability of the last level against the expected decline will lead the price to rebound bullishly and resume the main bullish trend on the short term and medium term basis, while breaking it will push the price to suffer more losses and visit 1249.95 areas before any new attempt to rise.

Expected trading range for today is between 1297.75 support and 1333.00 resistance.

Expected trend for today: Bearish