Gold price achieves strong gains – Analysis - 27-08-2018

Gold price confirmed breaching the bearish channel’s resistance and rallied bullishly to start bullish correction for the decline measured from 1365.05 to 1160.00, as it tests 23.6% Fibonacci correction level now, noting that breaching this level will extend the bullish wave to target 1238.30 level as a next main station.

Holding above the previously breached resistance of the bearish channel will keep the bullish trend scenario suggested for the upcoming sessions, supported by the EMA50, noting that breaking 1192.00 will stop the expected rise and push the price back to the main bearish track again.

Expected trading range for today is between 1195..00 support and 1225.00 resistance.

Expected trend for today: Bullish