Gold price declines calmly – Analysis - 25-07-2023

Gold prices provided negative trades and attempted to surpass the EMA50, but it returns to fluctuate around it, affected by stochastic current positivity, waiting to get negative motive that assist to push the price to resume the bearish bias that targets testing 1945.20 mainly.

Until now, we still suggest witnessing negative trades on the intraday basis unless the price rallied to breach 1977.25 and hold above it, as breaching this level will lead the price to return to the main bullish track again, while breaking 1945.20 represents negative factor that will push the price to suffer additional losses that reach 1913.15.

The expected trading range for today is between 1945.00 support and 1977.00 resistance.

The expected trend for today: Bearish