Gold analysis on dated 02-12-2020

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60pips.com

 

Gold price stabilized above 1805.00, but it faces strong resistance formed by the EMA50, which may push the price to provide some temporary bearish bias before returning to resume the bullish bias.

 

The price needs to obtain enough positive momentum to push trades to breach the level of 1818.00 to confirm the rush towards achieving more expected gains during the upcoming sessions, to continue suggesting the bullish trend,

 

provided that the price maintains its stability above 1795.00, as breaking this level will pressure the price to return to the main track The downside again, while the next positive target is located at 1838.10.

 

The expected trading range for today is between 1795.00 support and 1845.00 resistance

The expected general trend for today: Bullish