Gold price approaches the first target – Analysis - 13-08-2018

Gold price begins today’s trading with bearish bias to approach 1204.50 level, and it keeps moving inside the minor bearish channel that appears on the chart, to keep the bearish trend active in the upcoming period, waiting to break the mentioned level to confirm opening the way to visit 1180.55 level that represents our next target.

The EMA50 keeps pressing negatively on the price, while stochastic provides negative signal that reinforces the expectations to decline, noting that the continuation of the bearish trend conditions holding below 1220.00.

Expected trading range for today is between 1190.00 support and 1220.00 resistance.

Expected trend for today: Bearish