Gold resumes the decline – Analysis - 25-08-2016

Gold price traded with clear negativity yesterday after facing the EMA50 in the past sessions, to head towards our waited targets located between 1310.65 and 1297.75, which supports the continuation of the expected bearish bias on the intraday basis, which will remain temporary unless breaking the last level, as breaking it represents the key to extend the bearish wave to reach 1249.95 as a next main station.

Note that breaching 1347.80 followed by 1360.00 levels will stop the current negative pressure and lead the price to regain its main bullish track again.

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

Expected trend for today: Bearish