Midday update for Gold 31-08-2016

Gold price continues to fluctuate at the key support 1310.65, which represents the neckline of the double top pattern that its signs appear on chart, which urges caution from the upcoming trading, especially in case the price continued its negative pressure to break 1297.75, which will force the price to continue the bearish wave to visit 1249.95 areas direct.

Until now, the bearish bias still suggested for the rest of the day supported by the EMA50, unless the price managed to breach 1327.90 followed by 1357.50 levels and hold above them.

Expected trading range for today is between 1297.75 support and 1327.90 resistance.

Expected trend for today: Bearish