Gold price approaches the target – Analysis - 20-06-2018

Gold price settles around 1275.00 level after the decline that it witnessed yesterday, as it approached our waited target at 1267.00, which represents 76.4% Fibonacci correction level for the rise from 1236.40 to 1365.97, which means that breaking it will push the price to head towards the previously recorded low at 1236.40 as a next main station.

Stochastic shows negative signals that support the continuation of the decline in the bearish channel that appears on the chart, which encourages to continue suggesting the bearish trend in the upcoming sessions, noting that breaching 1285.90 represents the first positive key to stop the current negative pressure.

Expected trading range for today is between 1260.00 support and 1290.00 resistance.

Expected trend for today: Bearish