Gold suffers more losses 21/02/2013

Gold price continued the bearish waves series to surpass the bearish targets which were achieved after breaking the critical support barriers, and by the above image, we find that the way is open for heading towards the previously recorded bottom at 1522.50.

The bearish trend will be preferred for today, with some attempts to an upside rebound due to Stochastic positive effect, taking into consideration that breaking below 1522.50 will cause a sharp decline on the medium term basis, hence it represents a proposed neckline for a double top pattern that is forming now.

Expected trading range for today is between: 1522.50 support and 1590.00 resistance.

Expected trend for today: Bearish