Gold price begins negatively – Analysis - 08-01-2019

Gold price opens today’s trading with clear negativity to break 1286.70 level and trades below it, noticing that the price placed lower high at the last rise, to hint a potential turn to the intraday trend, as we witness signs of a double top pattern that its confirmation line located at 1276.70, which means that breaking this level will motivate the price to achieve more decline and visit 1262.50 level direct.

Therefore, the bearish trend will be suggested in the upcoming sessions unless breaching 1286.70 followed by 1295.00 levels and holding above them.

Expected trading range for today is between 1265.00 support and 1295.00 resistance.

Expected trend for today: Bearish