Gold price resumes the decline – Analysis - 13-12-2019

Gold price settled around the EME50 after the strong decline that it witnessed yesterday’s evening, to hint the price return to resume the correctional bearish trend after approaching few pips away from our waited target at 1489.00, waiting to break the minor bullish channel’s support line at 1458.00 to strong negative motive that supports the chances of achieving our waited targets that begin at 1447.00 and extend to 1413.10.

Therefore, we suggest witnessing more decline in the upcoming sessions unless the price rallied to breach 1489.00 level and hold above it.

The expected trading range for today is between 1450.00 support and 1480.00 resistance.

The expected trend for today: Bearish