Gold price found a strong support at 1275.30 level to settle there now, where the bullish trend line meets 38.2% Fibonacci correction level that appears in the image, and stochastic shows oversold signals, which supports the strength of the current areas and provides chances for the price recovery in the upcoming sessions.
On the other hand, the trading below the bearish correctional trend’s resistance line and the negative pressure that formed by the EMA50 shows that there is a possibility to return to the bearish correctional track.
Therefore, the contradiction between the technical factors makes us prefer stay a side until confirming breaking the support level at 1253.20 level as a next correctional target, while breaching the resistance will motivate the price to achieve gains that begin at 1302.60 and extend to 1320.00 after surpassing the previos level.
The expected trading range for today is between 1265.00 support and 1290.00 resistance.
The expected trend for today: Depends on the above mentioned levels