Gold price resumes the decline – Analysis - 02-03-2021

Gold price confirmed breaking 1740.00 level and showed strong decline to reach 1707.50, confirming the return to resume the bearish trend as we mentioned in our last technical update, expecting to provide additional negative trades that target 1692.00 level as a next main station.

Therefore, the bearish bias will be expected for today supported by the negative pressure formed by the EMA50, noting that breaching 1740.00 will push the price to recover again and visit 1765.00 areas initially and might extend to 1800.00 before any new attempt to decline.

The expected trading range for today is between 1695.00 support and 1730.00 resistance.

The expected trend for today: Bearish