Gold retests – Analysis - 18-12-2017

Gold price approached to retest 1263.15 level and shows bearish rebound from therefore, which keeps the bearish trend scenario valid until now, depending on the stability below the mentioned level, waiting to test 1240.85 level as a next main station, noting that breaking this level will push the price to head towards the previously recorded low at 1204.81.

Therefore, we will continue to suggest the bearish trend in the upcoming sessions, noting that breaching 1263.15 will stop the expected decline and lead the price to start recovery attempts that its targets begin at 1281.17 and extend to 1299.20.

Expected trading range for today is between 1240.00 support and 1265.00 resistance.

Expected trend for today: Bearish