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Gold touches the target – Analysis - 12-12-2017
Gold price succeeded to touch our waited target at 1240.85 and settles there, noting that the EMA50 keeps pushing negatively on the price, and the price still out of the main bullish channel that was broken previously, which makes us continue suggesting the bearish trend in the upcoming period, waiting to break the mentioned level to confirm extending the bearish wave towards the recently recorded low at 1204.81.
Therefore, we will be waiting for negative trading in the upcoming sessions, noting that holding below 1263.15 represents key condition to continue the expected decline, as breaching it will stop the current negative pressure and push the price back to the main bullish trend again.
Expected trading range for today is between 1230.00 support and 1255.00 resistance.
Expected trend for today: Bearish
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