Midday update for Gold 02-10-2018
Economies.com
2018-10-02 09:41AM UTC
Gold price provides positive trading now to move above the intraday bearish channel’s resistance, but we notice that the EMA50 forms negative pressure that we expect to protect the recently suggested bearish trend scenario.
In general, the overall bearish trend will remain valid as long as the price is below 1208.40, supported by stochastic reach to the overbought areas now, waiting to break 1180.00 level to open the way to achieve our next waited target at 1160.00.
Expected trading range for today is between 1170.00 support and 1200.00 resistance.
Expected trend for today: Bearish
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