13.05.201616:42 Forex Analysis & Reviews: Daily analysis of GOLD for May 13, 2016

Long-term review

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Overview

The gold price showed positive trading this morning starting new test of the bearish channel's minor resistance. This urges caution from the upcoming trading as a confirmed breach of the level of $1,273.00 will stop the current negative pressure and lead the price to attempts to regain the main bullish trend. Therefore, the bearish bias is expected for the rest of the day unless breaching $1,273.00 and holding above it. Our negative targets begin at $1,258.50 and extend to $1,227.40.

The expected trading range for today is between the $1,240.00 support and the $1,290.00 resistance.

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