Gold under negative pressure 08/07/2013

Gold price couldn’t manage to surpass 1270.00 level, to bounce to the downside approaching from the key support at 1213.00, as we mentioned previously that breaking this level will confirm turning to the downside, especially with the negativity shown by stochastic.

Now, we need to stop aside temporarily, to monitor the price behavior according to 1213.00 support and 1270.00 resistance, as breaking the mentioned support will push the price to test 1173.00 followed by 1155.00 levels, while breaching above the resistance will bring back the positive momentum to test 1300.00 level initially.

Expected trading range for today is between: 1190.00 support and 1260.00 resistance.

Expected trend for today: Neutral