Gold price shows calm negative trades on its way towards our waited target at 1275.30, which represents 38.2% Fibonacci correction level for the rise from 1159.70 to 1346.73, which means that breaking it will extend the correctional bearish wave to reach 1253.20 on the near term basis.
The EMA50 forms continuous negative pressure that supports the chances of continuing the decline in the upcoming sessions, especially that the price forms a double top pattern that its signs appear on the chart, to continue suggesting the bearish bias on the intraday basis unless the price managed to breach 1302.60 level and hold with a daily close above it.
The expected trading range for today is between 1270.00 support and 1302.60 resistance.
The expected trend for today: Bearish