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Gold price loses momentum – Forecast today - 08-11-2024
Gold price continued to rise to approach the broken support of the bullish channel that appears on the chart, noticing that the price lost its positive momentum to start getting negative signals through stochastic, which puts the price under expected negative pressure in the upcoming sessions, to head towards visiting 2675.00$ followed by 2647.70$ levels as next negative stations.
Therefore, the bearish bias will be expected for today, noting that breaching 2718.80$ will stop the suggested decline and push the price back to the bullish channel and the main bullish track again.
The expected trading range for today is between 2670.00$ support and 2718.00$ resistance.
Trend forecast: Bearish
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The USDCAD price approaches the negative target – Forecast today - 08-11-2024
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