Gold price within continuation pattern – Analysis - 08-08-2019

Gold price shows slight negative trading since yesterday, confined within intraday bearish channel that we believe it forms bullish flag pattern, which means that breaching 1505.00 will provide positive motive that supports the expectations of continuing the bullish trend on the intraday and short term basis, as our next target is located at 1526.85.

Therefore, we will continue to suggest the bullish trend in the upcoming sessions supported by the EMA50, noting that breaking 1484.40 will press on the price to start correctional bearish wave before resuming the bullish wave again.

The expected trading range for today is between 1484.00 support and 1525.00 resistance.

The expected trend for today: Bullish