Gold Breaks the Support
Gold price traded with strong negativity yesterday to break the bullish channel’s support line and head towards potential visit to 1776.25 level, making the bearish bias suggested for today, supported by moving below the EMA50. Therefore, we are waiting for more expected decline in the upcoming sessions, noting that breaching 1800 will stop the negative pressure and lead the price to recover again, taking into consideration that the markets might witness mixed trades due to the general weak volumes, caused by the holidays season.
The expected trading range for today is between 1775 support and 1810 resistance.