Gold price resists the negative pressure – Analysis - 03-03-2021

Gold price ended yesterday above the intraday bearish channel’s resistance, to hint the attempt to recover and achieve more potential gains in the upcoming sessions, but it faces negative pressure formed by the EMA50 and stochastic, which might push the price to resume the bearish track again.

Therefore, this contradiction between the technical factors makes us prefer staying aside until we get clearer signal for the next trend, noting that breaching 1749.00 will lead the price to achieve additional gains that reach 1774.50 and might extend to 1790.00, while breaking 1720.00 represents negative factor that will press on the price to return to decline and target 1692.00 level as a next station.

The expected trading range for today is between 1715.00 support and 1750.00 resistance.

The expected trend for today: Neutral