Gold price loses momentum – Analysis - 16-12-2019

Gold price provided slight positive trading in the last sessions to settle near 1475.00, noticing that stochastic lost its positive momentum to show a clear overbought signal, keeping the bearish correctional trend scenario valid and active in the upcoming period, organized within the bearish channel that appears in the image.

Note that breaking 1460.00 will ease the price mission to achieve our next negative targets that begin at 1447.00 and extend to 1413.10, while the bearish trend will remain valid unless the price rallied to breach 1489.00 level and holding above it.

The expected trading range for today is between 1455.00 support and 1485.00 resistance.

The expected trend for today: Bearish