Gold has been trending downwards since the 17th of March 2016, with the bears leading the price from as high as 1270.73 to as low as 1247.82.
On Thursday, the precious metal price dropped from as high as 1270.73 down to 1255.69 and advanced during the trading course of the day up to 1266.88, to fall back again down to 1247.82.
In the event that the buyers manage to gain momentum and push the price above 1256.57, the price could reach 1262.18 and 1265.65 respectively.
On the other side, where the sellers keep exerting strong pressures and the price breaks below 1248.21, the price could decelerate down to 1242.87 and 1236.29 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.