FX.co ★ Daily analysis of Gold for May 12, 2016

Overview

Gold price found a good resistance for the minor bearish channel that its lines appears in the above chart. It begins to provide bearish bouncing signals now, supported by stochastic negativity that appears in the four-hour time frame. Therefore, the bearish bias will be preferred in the upcoming sessions, and the target is testing 1257.00 level initially, which extends to test 23.6% Fibonacci correction level for the rise from 1047.61 to 1303.58, which is located at 1243.17.

The expected trading range for today is between 1250.00 support and 1290.00 resistance.