Gold price rebounds bearishly – Analysis - 17-09-2018

Gold price bounced downwards clearly after 1208.40 level proved its strength agains the price’s positive attempts, to approach the key support at 1190.00, which represents potential neckline of a double top pattern that appears on the chart, which means that breaking this level will provide strong negative motive that supports the expectations of continuing the bearish trend on the intraday and short term basis.

Therefore, the bearish trend will remain dominant in the upcoming sessions conditioned by the price stability below 1208.40, reminding you that our waited targets begin at 1180.00 followed by 1160.00.

Expected trading range for today is between 1175.00 support and 1208.00 resistance.

Expected trend for today: Bearish