Gold price declines calmly – Analysis - 03-09-2018

Gold price fluctuates around the EMA50 now, noticing that there are signs of another negative pattern represented by the double top formation that appears on the chart, which supports the expectations of continuing the bearish trend on the intraday and short term basis, noting that breaking 1196.00 will provide good negative motive that reinforces the chances of heading towards our waited target at 1180.00.

Therefore, the bearish trend scenario will remain valid in the upcoming period conditioned by the price stability below 1208.40, noting that breaking the targeted level will push the price towards 1160.00 as a next main station.

Expected trading range for today is between 1180.00 support and 1210.00 resistance.

Expected trend for today: Bearish