Gold price under the negative pressure – Analysis - 01-08-2019

Gold price traded with strong negativity on yesterday’s evening to attack 1410.90 level and attempts to break it, as it begins today with more decline to move below this level, which hints the price head for more bearish correction, but we need to monitor the daily close according to the mentioned level to confirm the next destination clearly.

Therefore, we prefer staying aside temporarily until the price confirms its situation according to 1410.90 level, noting that holding below it will push the price to head towards 1384.95 level as a next correctional station, while trading above it again will reactivate the positive scenario that its next target located at 1450.00.

The expected trading range for today is between 1395.00 support and 1435.00 resistance.

The expected trend for today: Neutral