Gold resumes the decline – Analysis - 29-08-2016

Gold price provided quick positive attempts that stopped at the EMA50, which formed solid intraday resistance barrier against the last rise, to resume the negative trading heading towards our main waited targets at 1310.65 and 1297.75.

Therefore, we believe that the way is open to continue the decline for today, reminding you that we are waiting for a bullish rebound to resume the main bullish trend after testing the above mentioned levels, taking into consideration that breaking 1297.75 level will put the price under more negative pressure followed by pushing trading towards 1249.95 as a next main station.

Expected trading range for today is between 1297.75 support and 1333.00 resistance.

Expected trend for today: Bearish