Midday update for Gold 05-05-2017

2017-05-05 11:03AM UTC

Gold price shows some slight bearish bias since morning affected by stochastic positivity, which loses its bullish momentum gradually to reach the thresholds of the overbought areas, while the EMA50 keeps forming the negative pressure against the intraday trading.


Therefore, we will keep our bearish overview for the upcoming sessions unless the price managed to breach 1243.80 followed by 1250.00 levels and hold above them, reminding you that our next main target is located at 1211.31.


Expected trading range for today is between 1211.30 support and 1240.00 resistance.


Expected trend for today: Bearish

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