Gold price breaks the support – Analysis - 12-03-2021

Gold price broke the intraday bullish channel’s support line and settled below it, to complete forming bearish flag pattern that we expect to press on the price to turn downwards again, on its way to resume the main bearish track inside the main bearish channel that appears on the chart.

Therefore, the bearish trend will be expected for today supported by moving below the EMA50, and the targets begin at 1692.00 and extend to 1660.00 after surpassing the previous level, noting that breaching 1735.00 will stop the expected decline and lead the price to achieve strong gains that start at 1765.00.

The expected trading range for today is between 1695.00 support and 1735.00 resistance.

The expected trend for today: Bearish