Gold price attempts positively – Analysis - 06-12-2018

Gold price begins today’s trading with bullish bias and attempts to breach 1238.30 level, but we will depend on the daily close achieved below the mentioned level to continue suggesting the bearish trend in the upcoming sessions, supported by stochastic loss to the positive momentum and approaching the overbought areas, waiting to motivate th price to rebound bearishly and head towards 1208.40 that represents our main target.

We should note that closing the daily candlestick above 1238.30 will turn the intraday track to rise, to head towards 1262.51 as a next positive station.

Expected trading range for today is between 1220.00 support and 1250.00 resistance.

Expected trend for today: Bearish