Gold price attempts negatively – Analysis - 08-04-2019

Gold price shows some bullish bias by today’s opening to approach testing the key resistance 1302.60, accompanied by stochastic losing the positive momentum and move inside the overbought areas again, waiting to motivate the price to rebound bearishly to resume the correctional bearish trend, which its next target located at 1275.30.

Therefore, we will keep our bearish overview unless breaching 1302.60 and holding above it, as breaching this level will stop the correctional bearish wave and lead the price to regain its main bullish track again, which its next targets located at 1320.00 followed by 1346.73.

The expected trading range for today is between 1275.00 support and 1305.00 resistance.

The expected trend for today: Bearish