Overview

The gold price showed a new test to the $1,243.17 level yesterday and kept trading steadily above it, which keeps the bullish trend valid until now. The price needs more positive momentum to resume the bullish bias, the main targets of which begin at $1,276.50 followed by $1,303.58 levels. We should take into consideration that a break of the $1,243.17 level will put the price under the correctional bearish pressure again, opening the way to the 38.2% Fibonacci of the rise measured from $1,047.61 to $1,303.58, located at $1,205.80. The expected trading range for today is between the $1,230.00 support and the $1,276.00 resistance.