Gold tests the moving average – Analysis - 25/11/2015

Gold price returns to fluctuate near the EMA50 keeping its stability below it, accompanied by stochastic reach to the overbought levels, which encourages us to keep preferring the overall bearish trend, which organizes within the bearish channel that appears in the chart.

Therefore, we wait for heading to 1050.00 then 1000.00 levels on the near term basis, taking into consideration that breaching 1101.00 level will stop the suggested decline and pushes the price to recovery attempts on the intraday and short term basis.

Expected trading range for today is between 1050.00 support and 1100.00 resistance.

Expected trend for today: Bearish