The safe haven asset gold trades bearish now to test the 50 periods EMA around 1,280.
However, the intraday slide found some support near 38.2% Fibonacci retracement level of the $1266.50-$1288.75 bounce, coinciding with 200-hour EMA. Despite the bearish bias now, the bullish trend is still suggested on the intraday basis to test 1302.60 level until and unless gold breaks below 1275.30 level.
While the oscillators RSI and Stochastic on the daily chart kept their bearish bias. But these are diverting direction on the hourly timeframe.
R3: 1285.5 R2: 1284.01 R1: 1283.24 Key Trading Level: 1282.52 S1: 1281.75 S2: 1281.03 S3: 1279.54
The expected trading range for today is between 1275.30 support and 1302.60 resistance.
On the short timeframe, gold has immediate support around 1,280 and violation of this could lead to gold prices towards 1,275. On the flip side, gold may face resistance at 1,286.
