Gold price touches the target – Analysis - 12-12-2023
Economies.com
2023-12-12 04:17AM UTC
Gold price succeeded to touch our waited target at 1977.46, which represents 50% Fibonacci correction level for the bullish wave that appears on the chart, falling under negative pressure formed by the EMA50 that makes us suggest surpassing this level to head towards the next correctional station that reaches 1938.00.
Therefore, the bearish trend scenario will remain valid for the upcoming period, noting that failing to achieve the required break will push the price to achieve intraday gains that start by testing 2016.90 before determining the next destination clearly.
The expected trading range for today is between 1960.00 support and 1995.00 resistance.
The expected trend for today: Bearish
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