Gold price surpasses the target – Analysis - 28-02-2019

Gold price shows more negative pressure after achieving our main waited target at 1319.26, as it breaks the bullish channel’s support line that appears on the chart and settles below it, which puts the price under more expected negative pressure on the intraday and short term basis, noting that the way is open to visit 1312.80 followed by 1302.00 levels as next main stations.

Therefore, the bearish trend will remain dominant in the upcoming sessions unless the price managed to breach 1329.70 level and hold above it.

The expected trading range for today is between 1330.00 support and 1300.00 resistance.

The expected trend for today: Bearish