Gold price approaches the target – Analysis - 15-08-2018

Gold price begins today’s trading with bearish bias to approach our waited target at 1180.55, falling under continuous negative pressure that comes by the EMA50, to push the price to break the bearish channel’s support lines that appear on the chart, which supports the chances of extending Gold price losses on the short term basis, noting that breaking the mentioned level will push the price to 1156.40 as a next main station.

Therefore, the bearish trend will remain dominant in the upcoming period unless breaching 1210.00 level and holding above it.

Expected trading range for today is between 1170.00 support and 1200.00 resistance.

Expected trend for today: Bearish