Gold price approaches the first target – Analysis - 28-11-2019

Gold price shows some slight bullish bias after approaching our first target at 1447.00 yesterday, affected by stochastic positivity, and it might test the minor bearish channel’s resistance that appears on the chart before resuming the negative attempts.

In general, we will continue to suggest the correctional bearish trend unless the price rallied to breach 1489.00 level and hold above it, noting that breaking 1447.00 will push the price to 1413.10 as a next correctional target, while breaching 1462.00 represents positive factor that will push the price to test the key resistance 1489.00 before any new attempt to decline.

The expected trading range for today is between 1440.00 support and 1462.00 resistance.

The expected trend for today: Bearish