Gold price loses momentum – Analysis - 11-07-2023

Gold prices continues to move around 1929.00 level, keeping its stability below it, noticing that stochastic continues to lose the positive momentum, waiting to motivate the price to resume the expected bearish trend on the intraday basis, which targets testing 1913.15 level as a first station, reminding you that breaking this level will push the price to 1873.50 as a next main target.

Holding below 1929.00 is important to continue the expected decline, as breaching it will push the price to achieve intraday gains and test 1945.20 level direct before any new negative attempt.

The expected trading range for today is between 1905.00 support and 1940.00 resistance.

The expected trend for today: Bearish