Gold touches the target – Analysis - 17-5-2018
Economies.com
2018-05-17 01:57AM UTC
Gold price settles near 1285.90 level, noticing that stochastic loses the positive momentum gradually approaching from the overbought level, reinforcing the chances for resuming the bearish trend on the intraday and short term basis, reminding you that breaking the mentioned level will push the price towards 1267.00 as a next station.
Therefore, we keep preferring the bearish trend in the upcoming sessions, supported by the negative pressure that comes from the EMA50, unless breaching 1301.20 then 1316.48 and holding above it.
Expected trading range for today is between 1270.00 support and 1305.00 resistance.
Expected trend for today: Bearish
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