Gold price fails to hold positively – Analysis - 24-09-2018

Gold price could not manage to confirm breaching 1208.40 level, to rebound downwards clearly and break the intraday bullish channel’s support line that appears on the chart, which hints the price head to resume the main bearish trend and failing to start a bullish correction, which makes the bearish bias suggested in the upcoming sessions, and targets begin by breaking 1190.00 to confirm rallying towards 1180.00 followed by 1160.00 that represent our next main targets.

Moving below the EMA50 supports the suggested decline, which will remain alid unless breaching 1208.40 level and holding above it.

Expected trading range for today is between 1180.00 support and 1208.00 resistance.

Expected trend for today: Bearish