Gold price approaches the first target – Analysis - 11-11-2019

Gold price settled around 1460.00 level after the strong decline that it witnessed on last Friday, and the bearish trend still suggested, supported by the EMA50 that presses negatively on the price, waiting to test 1447.00 level that represents our first main target, reminding you that breaking this level will push the price to 1413.00 as a next target.

Therefore, we expect witnessing more decline today, taking into consideration that the continuation of the bearish wave depends on the price stability below 1489.00.

The expected trading range for today is between 1440.00 support and 1475.00 resistance.

The expected trend for today: Bearish