Daily analysis of Gold for February 28, 2018

Overview

Gold price came under strong negative pressure yesterday evening to settle at 1,316.48 level. Please note that the price finds solid support at this level, reinforced by stochastic positivity. On the other hand, the EMA50 creates negative pressure that might push the price to break the mentioned level and extend the correctional bearish wave on the short-term basis. Therefore, we need to get a clearer signal for the next trend, which we will get through breaking 1,316.48 support or breaching 1,321.50 resistance. Be aware that breaking the mentioned support will push the price to target 1,301.20 as the next station. However, breaching the resistance will lead the price to start recovery attempts, the main target begins by testing 1,335.40. The expected trading range for today is between 1,300.00 support and 1,335.00 resistance.

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