Gold needs confirmation signal – Analysis - 13-09-2017

Gold price shows some bullish bias after 23.6% Fibonacci correction level formed solid support at 1321.49 against the price recent negative attempts, hinting the attempts to return to the bullish trend, but we notice that stochastic loses its positive momentum clearly, while the EMA50 forms negative pressure against the price.

Therefore, we prefer staying aside temporarily until we get clearer confirmation signal for the next trend, waiting to breach one of the key levels represented by 1321.49 support and 1344.00 resistance to detect the next targets clearly, noting that breaking the mentioned support will push the price to extend its bearish correction towards 1299.20 direct, while breaching 1344.00 will stop the correctional bearish pressure and lead the price to regain the main bullish trend again.

Expected trading range for today is between 1315.00 support and 1350.00 resistance.

Expected trend for today: Depends on the above mentioned levels