24.06.201618:37 Forex Analysis & Reviews: Daily analysis of Gold for June 24, 2016

Long-term review

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Overview

The gold price traded with slight negativity yesterday, approaching gradually from our awaited target at 1,243.17. We remind you that the current decline is temporary and the price is likely to rebound bullishly resuming the main bullish trend, supported by stochastic reaching the oversold areas' thresholds. Therefore, we still forecast bearish bias on the intraday basis, noting that a break of the 1,243.17 level will put the price under more negative pressure that will lead the price to 1,205.80; while a breach of 1,278.00 represents a positive factor that will allow the price to regain the main bullish track. The expected trading range for today is between the 1,243.17 support and the 1,280.00 resistance.

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