Gold under the channel’s support – Analysis - 22-02-2018

Gold price tested 1335.40 level on yesterday’s evening and bounced downwards strongly to break the bullish channel’s support line and settles below it, which supports the continuation of our bearish overview on the intraday basis, and the way is open to test 1316.48 level that represents our main waited target.

Therefore, the bearish trend will remain suggested in the upcoming sessions, supported by the EMA50, unless the price managed to breach 1335.40 level and hold above it, reminding you that breaking 1316.48 will extend Gold price losses to reach 1301.20 on the near term basis.

Expected trading range for today is between 1310.00 support and 1335.00 resistance.

Expected trend for today: Bearish