Gold Analysis 12.08.2019

Gold is showing some slight bearish bias to fluctuate around 1495.00 now, noting that Stochastic is showing oversold now, waiting for the price to stimulate the resumption of the main bullish trend, whose targets start by breaching 1510.00 to confirm the rush towards our awaited main target at 1526.85.

Therefore, we continue to favor the bullish trend provided it holds above 1484.40, as breaking it will press the price to start a bearish corrective wave targeting initially 1468.40 zones.

Expected trading range for today is between 1484.40 support and 1525.00 resistance

Expected trend for today: Bullish.