Gold price faces negative pressure – Analysis - 18-03-2019

Gold price settled below 1302.60 level, starting today with bearish bias to move away from the mentioned level, noticing that stochastic provides negative overlapping signal on the four hours’ time frame, thus, we believe that the chances are valid to continue the decline in the upcoming sessions, waiting to visit 1275.30 level as a next main station.

Breaking 1297.00 will ease the mission of achieving the mentioned target, while breaching 1302.60 and holding above it will stop the suggested negative scenario and push the price to resume the main bullish trend again.

The expected trading range for today is between 1285.00 support and 1310.00 resistance.

The expected trend for today: Bearish