Gold price analysis presented by foreximf.com. Gold price is still moving below the resistance at 1240.85. Today, gold price possibly will fall back towards support area at 1231.21-1225.25, as hourly stochastic and CCI are overbought.

Gold price is still moving below the resistance at 1240.85. Today, gold price possibly will fall back towards support area at 1231.21-1225.25, as hourly stochastic and CCI are overbought.

However, note that the price is moving above 20 MA and 50 MA on hourly chart. Therefore, be careful if this condition is followed by a breakout above 1240.55, because it will turn the intraday bias into bullish and potentially will raise old price up to 1244.54-1250.50.

GOLD