Gold price technical analysis 25-1-2017 indicate a decline in gold price for today trading. yellow metal records now 1204.91 U.S.D / Ounce of gold.
Gold price technical analysis 25-1-2017
The decline of gold price is because the excessive selling, after gold recorded 1212.11 U.S.D/ Ounce of gold. I insist that the decline in gold price is temporary. The US decisions in the next few days will indicate us by gold price.
We will have a new support point today at the level of 1197.11 and the next one is at 1189.22 U.S.D / Ounce of gold. Both supports level for gold price is temporary. Keep in mind that the breach of the target level would extend the downside correctional wave. The correction wave for gold price at 1183.83 U.S.D / Ounce of gold as next major station. While the rate needs to break through the level of 1211.31 U.S.D / Ounce of gold to stop the current negative pressure. If it ends gold price will rush towards the top again.
Expected trading range for today is between the support and resistance 1197.10 1215.00 scale