Gold under the negative pressure – Analysis - 01/10/2014

Gold price shows bearish bias to approach from 1200.00 barrier, waiting for more negative trading which is supported by the EMA50, reminding you with the importance of monitoring the price behavior when reaching 1200.00 and 1187.00 levels, as breaking them will extend the price losses to reach 1156.00 areas.

Overall, the bearish overview will remain valid unless breaching 1236.00 level, which breaching it represents an initial positive key that will assist to push the price to recover on the intraday basis, with targets that main begin at 1265.75.

Expected trading range for today is between: 1187.00 support and 1218.00 resistance.

Expected trend for today: Bearish