Shining mettle gold analysis

Gold price hovers around 2046.50 level and settles below it, and the EMA50 forms continuous negative pressure against the price, waiting to resume the expected bearish wave on the intraday basis, reminding you that the next target is located at 2016.90.

Note that breaking the targeted level will extend the correctional bearish wave to reach 1977.45 as a next main target, taking into consideration that breaching 2065.70 will stop the suggested negative scenario and lead the price to regain the main bullish trend again.

The expected trading range for today is between 2020.00 support and 2060.00 resistance.

The expected trend for today: Bearish