Gold price gets a negative close – Analysis - 09-08-2023
Gold price ended yesterday with clear negativity, as it broke 1929.00 and closed the daily candlestick below it, reinforcing the expectations of continuing the bearish trend, reminding you that our next main target is located at 1913.15.
Stochastic current positivity pushes the price to provide positive trades by today’s open, while the EMA50 forms continuous negative pressure against the price, to support the chances of continuing the bearish trend in the upcoming sessions.
In general, we will continue to suggest the bearish trend affected by the double top pattern that appears on the chart unless the price rallied to breach 1945.20 and hold above it.
The expected trading range for today is between 1915.00 support and 1945.00 resistance.
The expected trend for today: Bearish
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