Gold in yesterday’s price action amid high volatility finally ended in favor of the bears and with a loss of nearly one percent. As long as prices’ trading below the 934.7 crucial resistance, trade is expected to remain in favor of the bears with immediate price objective of 894 with must stop at 934.70.
For intraday a breach below the 913.20 would be negative and would attract selling to test supports at 902.20, 894 and 885. Although short must be cautious about the breach above the 925.7, which may attract buying to test crucial resistance at 934.70. Short must place their stops at or near 934.70 as a breach above this level would attract further buying to test resistances at 945.50 and 955.30. Expect prices to trade sideways/down with focus being on the breach above 925.70 or below the 913.20.
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