Gold breaches the resistance – Analysis - 08-12-2016

Gold price ended yesterday's trading above 1172.68 level, which stops yesterday's suggested negative scenario, to stuck trading between the mentioned level that turns into key support now and the resistance that declines to 1187.00, which makes us turn back to neutrality until the price manages to breach one of these levels and detect its next destination clearly.

Note that breaching 1187.00 level will lead the price to achieve more gains that start at 1211.31 and extend to 1249.94 mainly, while breaking 1172.68 support represents negative factor that will push the price to continue its decline that start from 1375.00 recorded top, targeting 1124.88 level as a next main station.

Expected trading range for today is between 1160.00 support and 1200.00 resistance.

Expected trend for today: Depends on the above mentioned levels