Gold price approaches the support – Analysis - 11-10-2019

Gold price settled below 1500.00 barrier, and the price falls under the negative pressure formed by the EMA50, while stochastic shows positive signals that might protect the price from achieving more decline.

Therefore, this contradiction between the technical factors makes us continue with our neutrality until we get clearer signal for the next trend, which we will get through breaching 1518.00 resistance or breaking 1485.00 support, noting that breaking this support will reactivate the correctional bearish scenario that its next target located at 1447.00, while breaching the resistance will lead the price to resume the main bullish trend that its next target located at 1555.00.

The expected trading range for today is between 1475.00 support and 1520.00 resistance.

The expected trend for today: Neutral