Gold price rebounds bearishly – Analysis - 08-01-2024

Gold price bounced bearishly after reaching 2065.70 level in the previous sessions, to settle below the EMA50, which keeps the bearish trend scenario active on the intraday basis, waiting to test 2016.90 as a first station, noting that breaking this level will extend the correctional bearish wave to reach 1977.46 as a next target.

Therefore, we are waiting for more expected decline in the upcoming sessions, noting that breaching 2065.70 will stop the negative scenario and push the price to attempt to return to the main bullish track again.

The expected trading range for today is between 2015.00 support and 2055.00 resistance.

The expected trend for today: Bearish