Gold price managed to break 1485.00 level and closed the daily candlestick below it, which supports the continuation of our bearish overview efficiently in the upcoming period, paving the way to visit 1447.00 level that represents 38.2% Fibonacci correction level for the entire rise measured from 1269.50 to 1556.70.
Therefore, the bearish trend scenario will remain valid for today supported by the negative pressure formed by the EMA50, noting that the continuation of the expected decline requires holding below 1504.00.
The expected trading range for today is between 1465.00 support and 1500.00 resistance.
The expected trend for today: Bearish