Gold price within continuation pattern – Analysis - 07-03-2019

Gold price’s recent trades are confined within bearish pennant’s pattern that appears on the chart, falling under continuous negative pressure that comes by the EMA50, waiting to activate the negative effect of the mentioned pattern followed by resuming the correctional bearish wave, which its next target located at 1275.30, reminding you that breaking this level will push the price towards 1253.20 as a next main station.

Therefore, we will continue to suggest the bearish trend in the upcoming sessions unless breaching 1302.60 level and holding above it.

The expected trading range for today is between 1270.00 support and 1300.00 resistance.

The expected trend for today: Bearish