Gold prices trade sideways in a narrow trading range of 1,495 – 1,490 as expectations of improvement in U.S-China trade discussions were moderated and ahead of a summit that will decide how Britain departs the European Union.
Technically, the precious metal gold is facing stiff resistance at 1,495. The 50 periods EMA and double top pattern are keeping the XAU/USD bearish below this level.
The formation of a series of Doji and Spinning Top candles is suggesting a weaker number of bulls in the market. Typically such pattern drives the bearish trends in the market.
The MACD and Stochastics are tossing in red and green territory, suggesting neutral bias among traders. Continuation of a bearish trend can trigger sell-off until 1,485.
Entry – Sell below 1,495
Take Profit – 1,484
Stop Loss – 1,498
All the best!
