Gold breaks the support – Analysis - 18-09-2017
Economies.com
2017-09-18 03:37AM UTC
Gold price broke 1321.49 and closed the daily candlestick below it, which opens the way to extend the correctional bearish wave on the short term basis, to head towards testing 38.2% Fibonacci correction level at 1299.20.
Therefore, the bearish bias will be suggested for today supported by the negative pressure formed by the EMA50, organized inside the correctional bearish channel that appears on chart, taking into consideration that breaching 1328.80 will stop the expected decline and lead the price to regain the main bullish track again.
Expected trading range for today is between 1299.20 support and 1328.80 resistance.
Expected trend for today: Bearish
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