Gold price loses momentum – Analysis - 06-12-2021
Gold price traded with clear positivity on last Friday, to breach 1770.00 and head towards potential test to 1797.00, but we notice that the EMA50 forms negative pressure against the price, to stop the bullish bias, accompanied by stochastic loss to the positive momentum and showing overbought signals.
Therefore, these factors encourage us to suggest the bearish bias for today, and the targets begin at 1770.00 and extend to 1734.00 after breaking the previous level, taking into consideration that the continuation of the rise and breaching 1797.00 will stop the expected decline and lead the price to achieve additional gains on the intraday basis.
The expected trading range for today is between 1760.00 support and 1797.00 resistance.
The expected trend for today: Bearish
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