Gold price achieves some bearish correction – Analysis - 21-02-2019

Gold price provided negative trades yesterday to test the EMA50, as it achieves bearish correction for the last bullish wave that it start from 1302.34 areas, noticing that stochastic provides clear positive signals now, waiting to motivate the price to resume the bullish wave after testing 23.6% Fibonacci correction level.

Therefore, we will continue to suggest the bullish trend on the intraday and short term basis, noting that our waited targets begin at 1350.00 followed by 1365.05, while breaking 1336.20 represents the key to extend the correctional bearish wave to reach 1330.00 and might extend to 1318.00 before any new attempt to rise.

The expected trading range for today is between 1330.00 support and 1350.00 resistance.

The expected trend for today: Bullish