Gold breaks the support – Analysis - 30-05-2016

Gold price opened this week with clear decline to touch our main waited target at 1205.80 and pushes negatively to surpass it now and settles below it, which opens the way to extend the correctional bearish wave on the short term basis to target 1175.60 areas as a next main station.

Therefore, we expect witnessing more negative trading in the upcoming sessions, supported by the negative pressure offered by the EMA50, noting that the continuation of the bearish bias depends on the stability below 1243.17.

Expected trading range for today is between 1175.60 support and 1220.00 resistance.

Expected trend for today: Bearish