Gold price suffers sharp losses – Analysis - 02-03-2020

Gold price’s sharp decline stopped at 50% Fibonacci correction level for the rise measured from 1453.11 to 1689.33, starting today with clear bullish bias to return to the minor bullish channel that appears on the chart, which hints the price return to resume the main bullish track, especially that stochastic provides positive signals now that we expect to motivate the price to achieve more gains in the upcoming sessions.

Therefore, the bullish trend will be expected for today, and the targets begin by breaching 1633.58 to open the way to visit the recently recorded top at 1689.33 as a next negative target, noting that breaking 1571.22 will put the price under additional negative pressure that would threat the main bullish channel’s support line and opens the way to turn to decline on the short term and medium term basis.

The expected trading range for today is between 1580.00 support and 1635.00 resistance.

The expected trend for today: Bullish