Midday update for Gold 26/05/2015

Gold price declined this morning to break 1202.00 level, achieving four hours close below it, and as we mentioned in our last technical update, the way will be open for achieving more downside moves for the rest of the day, where the price targets testing the critical support at 1181.00 mainly.

Therefore, we will wait for bearish bias in the upcoming sessions unless breaching 1202.00 and 1205.00 levels and holding above them, where this breach will allow the price to regain its bullish momentum.

Expected trading range for today is between 1181.00 support and 1220.00 resistance.

Expected trend for today: Bearish for the rest of the day