Gold negotiates the initial resistance – Analysis - 22-11-2017

Gold price continues to fluctuate around 1281.17 level, settling inside the minor bullish channel that appears on the chart, which keeps the chances valid to continue the bullish trend on the intraday and short term basis, waiting to confirm breaching the mentioned level to push the price towards 1299.20 initially.

Stochastic shows bullish momentum weakness, which might cause more sideways fluctuation between resuming the bullish bias, while in general, we will continue to suggest the bullish trend in the upcoming sessions conditioned by holding above 1273.00, reminding you that breaching 1299.20 will extend Gold price gains to reach 1321.50 direct.

Expected trading range for today is between 1272.00 support and 1295.00 resistance.