Gold price begins bearish correction – Analysis - 25-02-2020

Gold price bounced downwards clearly after touching the bullish channel’s resistance that appears on the chart, to achieve some bearish correction for the last rise that it started from 1547.50 areas, as the price settles around 23.6% Fibonacci correction level at 1655.90, and the price needs to consolidate above this level to assure not facing more negative pressure.

Stochastic gets rid of its negative momentum clearly to support the chances of resuming the main bullish trend, to keep our overall bullish overview that its next main target located at 1720.00, noting that breaking 1655.90 followed by 1635.20 levels will press on the price to achieve more decline and visit 1601.70 areas before any new attempt to rise.

The expected trading range for today is between 1640.00 support and 1680.00 resistance.

The expected trend for today: Overall Bullish