Midday Update: Gold - 25-08-2016

Gold prices moved in a tight range of trading after tumbling yesterday, as we still expect a drop to our targets between 1310.65 and 1297.75, which enhances the downward slide awaited in the intraday levels, which would remain temporary if the last level isn't breached, with the breach opening the door for more losses, with the stock then aiming for 1249.95. 

A breach of 1347.80 then 13600.00 with stem the current negative pressure and help prices regain their main upward trajectory again. 

Expected trading range for today is between the support of 1297.75 and the resistance of 1340.00. 

Expected trend for today: Bearish.