Gold price touches the resistance – Analysis - 21-12-2018

Gold price touched the correctional bullish channel’s resistance and bounced bearishly from there, noticing that the price failed to achieve a daily close above 1262.50, while stochastic provides negative signals now on the foud hours’ time frame.

Therefore, these factors encourage us to suggest a bearish reverse in the upcoming sessions, to head towards testing 1238.30 areas mainly, taking into consideration that breaching 1267.00 will stop the negative scenario and lead the price to achieve more gains on the short term basis.

Expected trading range for today is between 1235.00 support and 1275.00 resistance.

Expected trend for today: Bearish