Gold price approaches the support – Analysis - 11-01-2024

Gold price approached 2016.90 level and shows some slight bullish bias by today’s open, affected by stochastic positivity, and continues to move inside the minor bearish channel that appears on the chart, waiting to resume the bearish wave that needs breaking the mentioned level to open the way to head towards the next correctional target at 1977.46.

Therefore, we will continue to suggest the bearish trend for the upcoming period supported by the negative pressure formed by the EMA50, noting that breaching 2044.85 will push the price to achieve intraday gains and test the most important resistance at 2065.70 before any new attempt to decline.

The expected trading range for today is between 2010.00 support and 2040.00 resistance.

The expected trend for today: Bearish