Gold loses momentum – Analysis - 20-09-2017

Gold price shows slight positive attempts by today's opening to approach from the correctional bearish channel's resistance, noticing that stochastic loses its positive momentum clearly to enter the overbought areas, while the EMA50 keeps pushing negatively on the price.

Therefore, these factors support the continuation of the correctional bearish trend scenario in the upcoming period, which its next target located at 1299.20, reminding you that breaking this level will extend the bearish wave to reach 1281.17 as a next main station, while breaching 1321.49 represents the key to stop the current bearish correction and return to the main bullish trend again.

Expected trading range for today is between 1295.00 support and 1321.49 resistance.

Expected trend for today: Bearish