Midday update for Gold 30-08-2016

Gold price begins to provide negative trading supported by the negative signal that appears on stochastic, while the EMA50 keeps pushing negatively on the intraday trading, which supports the continuation of our bearish trend overview for today, which targets testing 1310.65 followed by 1297.75 levels mainly, reminding you that it is important to monitor the price behavior according to the mentioned levels, due to their importance of detecting the next destination on the short term basis.

On the other hand, breaching 1358.00 level will stop the suggested negative scenario and lead the price to regain the main bullish trend.

Expected trading range for today is between 1297.75 support and 1340.00 resistance.

Expected trend for today: Bearish