Gold price attempts positively – Analysis - 02-12-2019

Gold price achieved a breach to the minor bearish channel’s resistance, but it begins today with a bearish bias in its way to return to this channel, where the EMA50 formed a negative pressure against the price, noticing that stochastic loses its positive momentum to reach the overbought levels.

Therefore, these factors encourage us to prefer the bearish bias for today, pointing that our initial target is located at 1447.00, and breaking it represents the rally key to 1413.10 as a next station, while the overall bearish trend will remain valid unless breaching 1489.10 level and holding above it.

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

The expected trend for today: Bearish