Gold price attempts positively – Analysis - 08-03-2021

Gold price begins today positively to move above the intraday bearish channel’s resistance, facing minor horizontal resistance at 1707.00 that protects the recently suggested negative scenario, noticing that stochastic loses its positive momentum to reach the overbought areas now.

Therefore, these factors encourage us to continue suggesting the bearish trend for the upcoming period, which its targets begin by breaking 1692.00 to confirm heading towards 1655.00 as a next station, noting that the continuation of the decline today requires holding below 1718.00.

The expected trading range for today is between 1680.00 support and 1720.00 resistance.

The expected trend for today: Bearish