Gold price faces negative pressure – Analysis - 23-08-2019

Gold price could not manage to hold above 1503.24 level, to trade negatively and head towards potential test to 1483.60, affected by the negative pressure formed by the EMA50.

Therefore, the bearish bias will be suggested for today, noting that the expected decline is temporary unless breaking 1483.60 followed by extending the correctional bearish wave to reac 1467.75 as a next negative station, taking into consideration that breaching 1503.24 and holding above it again will stop the suggested negative scenario and push the price to resume the main bullish trend again.

The expected trading range for today is between 1483.60 support and 1510.00 resistance.

The expected trend for today: Bearish temporarily