Gold negotiates the correctional level – Analysis - 08-05-2017

Gold price fluctuates around 38.2% Fibonacci correction level for the rise measured from 1122.47 to 1295.37, noticing that the price settles below the bullish channel's support that appears on the above chart, which keeps the negative pressure valid, to expect extending the bearish correction on the short term basis, as our next target is located at 1208.92.

Therefore, the decline will be suggested in the upcoming sessions, supported by the negative pressure formed by the EMA50, noting that breaching 1244.00 followed by 1250.00 levels will stop the suggested decline and push the price to regain its main bullish track again.

Expected trading range for today is between 1215.00 support and 1240.00 resistance.

Expected trend for today: Bearish