Gold price declines calmly – Analysis - 18-10-2018

Gold price shows slight negative trades to start testing 1220.00 level, to continue suggesting the bearish trend on the intraday basis, which targets testing 1208.40 level mainly, being aware that it is important to monitor the price behavior when reaching this level, as breaking it will push the price to resume the main bearish trend, to target 1188.00 as a next station.

On the other hand, breaching 1230.00 followed by 1238.31 levels will lead the price to resume the correctional bullish trend that its next target located at 1262.51.

Expected trading range for today is between 1208.00 support and 1230.00 resistance.

Expected trend for today: Bearish