Gold price under the negative pressure – Analysis - 20-08-2019

Gold price achieved a clear break to 1503.24 level and settled below it, which presses negatively on the price on the intraday basis, and we expect testing 1483.60 level before any new attempt to rise.

Therefore, the bearish bias will be preferred for today, pointing that this decline is temporary, waiting for bouncing higher to resume the main bullish trend, taking into consideration that breaking 1483.60 will force the price to make more of the bearish correction that its targets extend to reach to 1451.90, while braeching 1503.24 represents a key for regaining the main bullish trend.

The expected trading range for today is between 1480.00 support and 1505.00 resistance.

The expected trend for today: Bearish temporarily