The gold price broke the 1,227.40 level and settled with a daily close below it, stopping the recently suggested bearish wave and putting the price into a correctional bearish track. Its next target is located at 1,193.00, which represents 38.2% Fibonacci for the rise measured from 1,047.60 to 1,282.90. Therefore, the bearish bias is expected for the upcoming sessions, supported by the negative pressure. A break of 1,227.40 – 1,235.35 levels will stop the correctional bearish pressure and lead the price to regain its bullish trend again.
We expect the trading range for today to be between 1,193.00 support and 1,240.00 resistance.