Overview

Gold is trading with an obvious bearish bias since the early session today, attacking the bullish channel support level. The metal approached this level testing the critical support at 1,263.17 and bounced higher quickly to settle above the mentioned channel support. This move keeps the bullish trend active until now. Traders are waiting until the metal gains enough momentum to push the price higher towards our main targets at 1,300.00 and even higher at 1,340.00. Therefore, we expect the bull market in the short term unless witnessing a clear break and stability below 1,263.17 level. The expected trading range for today is between 1,263.00 support and 1,300.00 resistance.