Gold price tests the moving average – Analysis - 09-08-2018

Gold price continues to fluctuate at the EMA50, accompanied by stochastic reach to the overbought areas, to form negative factor that supports the chances of resuming the recently suggested bearish trend, which depends on holding below 1220.00.

Therefore, we will continue to suggest the bearish bias in the upcoming sessions, reminding you that our targets begin at 1204.50 and extend to 1180.55 after breaking the previous level, noting that breaching 1220.00 will push the price to test 1236.20 areas and might extend to 1248.00 before any new attempt to decline.

Expected trading range for today is between 1195.00 support and 1225.00 resistance.

Expected trend for today: Bearish