Gold under the negative pressure – Analysis - 07-12-2017

Gold price kept pushing on 1263.15 level to close the daily candlestick below it, which hints the price head to achieve more decline in the upcoming period, supported by the price move within the minor bearish channel that appears on the above chart, noting that the next target is located at 1240.85.

Therefore, the bearish bias will be suggested for today, supported by the negative pressure formed by the EMA50, noting that breaching 1274.00 represents the first key to sotp the expected decline and the price return to the main bullish trend again.

Expected trading range for today is between 1250.00 support and 1275.00 resistance.

Expected trend for today: Bearish