Gold Analysis 08-03-2022

Gold price found it difficult to surpass the 2000.00 barrier, to trade negatively and provide signs of starting a bearish correction on the intraday basis, to suggest the bearish bias in the upcoming sessions, which targets testing the 195.00 level initially.

We point out that the expected decline is temporary, and we wait for the resumption of the main bullish trend again, noting that breaking the target level will extend the corrective wave to reach 1917.60 as a next target, while breaching 2000.00 and holding above it will stop the suggested negative scenario and lead the price to resume the main bullish trend again.

The expected trading range for today is between the support 190.00 and the resistance 2000.00. 

The expected general tendency for today: Bearish temporarily.