Gold price around the moving average – Analysis - 03-12-2019

Gold price trading settles near the EMA50, noticing that stochastic loses its positive momentum to move at the overbought levels, waiting for motivating the price to resume the expected bearish trend on the intraday basis, and its targets begin by testing 1447.00 level.

Note that the continuation of the bearish correctional trend depends on the stability below 1489.00 level, where breaching this level will lead the price to regain the main bullish track and achieving positive targets that begin at 1535.00 then 1556.70, while breaking 1447.00 will extend the bearish wave to reach 1413.10 as a next target.

The expected trading range for today is between 1440.00 support and 1470.00 resistance.

The expected trend for today: Bearish