Gold loses momentum – Analysis - 23-02-2018

Gold price begins today’s trading with bearish bias after the rise that it witnessed yesterday, as stochastic lost its bullish momentum clearly to move at the overbought areas, approaching to confirm the negative overlap, forming negative motive that we are waiting to push the price to decline again, supported by the negative pressure formed by the EMA50.

Therefore, we will continue to suggest the bearish trend in the upcoming sessions unless the price managed to breach 1335.40 level and hold above it, reminding you that our next main target is located at 1316.48.

Expected trading range for today is between 1310.00 support and 1335.00 resistance.

Expected trend for today: Bearish