Gold is facing solid support – Analysis - 07/09/2015

Gold price found good support at our first waited target at 1115.95, showing slight bullish bias testing the previously broken 1126.25 level, which turns into a major resistance now, noticing that the EMA50 supports the strength of the mentioned resistance.

In general, we keep preferring the bearish trend in the upcoming period depending on the price move within the main bearish channel that appears in the image, the price needs to break 1115.95 level to open the way towards visiting 1100.00 barrier, reminding you that holding below 1136.60 and 1155.00 levels important for the continuation of the expected bearish bias.

Expected trading range for today is between 1100.00 support and 1140.00 resistance.

Expected trend for today: Bearish