Gold continues to decline – Analysis - 05-05-2017

Gold price falls under more negative pressure to fluctuate below 1230.00 barrier now, which supports the continuation of the decline on the intraday basis, and we still waiting to test 1211.31 level as a next main station, noting that the EMA50 keeps supporting the suggested bearish wave.

Therefore, we are waiting for more decline in the upcoming sessions, noting that breaking the targeted level will extend gold price losses to reach 1172.70, while the suggested decline will remain valid unless the price managed to breach 1243.80 followed by 1250.00 levels and hold above them.

Expected trading range for today is between 1211.30 support and 1240.00 resistance.

Expected trend for today: Bearish