Gold approaches the target – Analysis - 22/08/2014
Economies.com
2014-08-22 05:25AM UTC
Gold price continues its negative trading to approach gradually from our waited target at 1266.00, which represents conjunction of 61.8% Fibonacci level with the main support that appears on the above chart, while stochastic provides positive signals that attempt to protect the price from suffering more losses.
Until now, the bearish bias will be suggested as long as the price is below 1290.00, as breaching this level will motivate the price to turn back to the main bullish trend again.
Expected trading range for today is between: 1266.00 support and 1300.00 resistance.
Expected trend for today: Bearish
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