FX.co ★ Daily analysis of GOLD for May 26, 2016

Overview

The gold price shows sideways trading affected by stochastic positivity displayed on the four-hour time frame; it might push the price to some temporary positive attempts before resuming the bearish bias that targets testing of the 38.2% Fibonacci level at $1,205.80. The EMA50 keeps pushing negatively on the intraday trading, so we still predict the bearish trend in the upcoming sessions. A break of the $1,205.80 level will extend the correctional bearish wave to reach $1,175.60 levels. The negative scenario will remain valid unless the price manages to breach $1,243.17 and hold above it. The expected trading range for today is between the $1,205.00 support and the $1,245.00 resistance.