Gold price within negative pattern – Analysis - 25-06-2018

Gold price shows calm positive trading within a minor bullish channel that appears on the chart, which we believe that it forms bearish flag pattern, which means that breaking 1269.00 will activate the negative effect of this pattern and push the price to resume the bearish trend on the short term basis, noting that stochastic and the EMA50 form negative factors now.

Therefore, these factors encourage us to continue suggesting the bearish trend in the upcoming period, which its next targets located at 1250.00 followed by 1236.41, while breaching 1285.90 represents the first positive key to regain the main bullish trend again.

Expected trading range for today is between 1250.00 support and 1280.00 resistance.

Expected trend for today: Bearish