Gold under the negative pressure – Analysis - 03/07/2015

Gold price showed more bearish bias yesterday and returns to fluctuate around 1165.00 level, while stochastic loses its positive momentum clearly to reach the overbought areas’ thresholds, which supports the continuation of the expected bearish trend on the intraday and short term basis, getting continuous support from the EMA50.

Our main expected target is located at 1142.60, while achieving it requires holding below 1181.00.

Expected trading range for today is between 1140.00 support and 1181.00 resistance.

Expected trend for today: Bearish