Gold price suffers more losses – Analysis - 02-10-2023

Gold price bounced downwards strongly after testing 1873.50 level in the previous sessions, to reach the thresholds of the new waited target at 1839.00 now, and we expect the continuation of the negative pressure to surpass this level and achieve additional negative targets that reach 1809.35 areas.

Therefore, we expect the continuation of the bearish trend domination on the intraday and short-term basis, supported by the negative pressure formed by the EMA50, reminding you that the continuation of the bearish wave depends on the price stability below 1873.50.

The expected trading range for today is between 1825.00 support and 1860.00 resistance.

The expected trend for today: Bearish