Gold under the negative pressure – Analysis - 24-05-2017

Gold price closed the daily candlestick below 1254.56, which stops yesterday's suggested positive scenario and put the price under the negative pressure on the intraday basis, targeting testing 1229.32 level again, noticing that the price draws double top pattern that its confirmation line located at 1246.00, which means that breaking this level will confirm rallying towards the mentioned target.

Therefore, the bearish trend will be suggested for today unless the price managed to rebound bullishly to breach 1254.56 followed by 1261.00 levels and hold above them, as this breach will stop the negative pressure and push the price to regain its main bullish trend again.

Expected trading range for today is between 1230.00 support and 1261.00 resistance.

Expected trend for today: Bearish