Gold suffers losses 12/02/2013
Economies.com
2013-02-12 04:49AM UTC
As we mentioned in our technical messages, Gold price broke the critical support levels and the most important level is now at 1652.00, which represents neck line for double top formation, that has bearish targets start at 61.8% Fibonacci level at 1629.00
This factor makes us suggest bearish bias today, supported by EMA50, noting that breaching above 1652.00 followed by 1660.00 will provide positive motives that will turn the price back to trade positively.
Expected trading range for today is between: 1629.00 support and 1652.00 resistance.
Expected trend for today: Bearish
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