Gold price needs a negative motive – Analysis - 12-10-2021

Gold price continues to fluctuate around the bearish channel’s resistance and around the EMA50, while stochastic loses its positive momentum gradually, waiting to get negative motive that assists to push the price to resume the expected bearish wave for the upcoming period, which its first main target located at 1735.00.

Therefore, we will continue to suggest the bearish trend on the intraday basis, reminding you that the continuation of the expected decline depends on the price stability below 1770.00 and 1780.00 levels.

The expected trading range for today is between 1735.00 support and 1775.00 resistance.

The expected trend for today: Bearish