Gold crawls downwards – Analysis - 02/07/2015

Gold price declines calmly after retesting the previously broken 1181.00 level, as long as the price below this level, so our bearish trend expectations will remain valid and active in the upcoming period, supported by the negative pressure that comes from the EMA50, waiting for visiting our main target at 1142.60.

Note that breaching 1181.00 level will stop the current negative pressure and pushes the price to achieve intraday gains that begin mainly at 1225.00.

Expected trading range for today is between 1150.00 support and 1185.00 resistance.

Expected trend for today: Bearish