Gold price confirmed breaking the bullish channel’s support line and ended yesterday below it, to start bearish correction for the rise that started from 1810.33 areas, on its way to visit 1977.46 as a next correctional target, noting that breaking this level will push the price to 1938.00 areas as a next negative station.
Therefore, we expect to witness more decline in the upcoming sessions, supported by the negative pressure formed by the EMA50, noting that breaching 2016.90 followed by 2027.50 levels will stop the negative scenario and lead the price to regain the main bullish track again.
The expected trading range for today is between 1977.00 support and 2015.00 resistance.
The expected trend for today: Bearish