Gold negotiates the resistance – Analysis - 15-11-2017

Gold price ended yesterday's trading at 1281.17 level, as it closed the daily candlestick below this level after attempting to breach it in the previous sessions, but we notice that there is contradiction between the technical factors now, as we witness signs of ascending triangle that supports the chances of continuing to achieve gains in the upcoming period, reinforced by the EMA50 that forms intraday support now, while on the other hand, stochastic shows overbought signals that support yesterday's negative close.

Therefore, we prefer staying aside temporarily in order to monitor the price behavior according to the mentioned leve, as holding above it will push the price to achieve gains that start at 1299.20 and extend to 1321.50, while trading below it again will push the price to target 1263.15 level mainly.

Expected trading range for today is between 1270.00 support and 1295.00 resistance.

Expected trend for today: Neutral