Gold price approaches the target – Analysis - 01-11-2018

Gold price provides some calm positive trading after approaching 1208.40 level yesterday, and it might retest the previously broken support that turns into resistance now at 1226.50 before turning back to decline again.

Holding below the mentioned resistance keeps the bearish trend scenario active for today, supported by the negative pressure formed by the EMA50, noting that breaking 1208.40 will push the price to visit 1193.50 level direct, while breaching 1226.50 will lead the price to achieve gains that start by testing the key resistance 1238.30.

Expected trading range for today is between 1205.00 support and 1226.50 resistance.

Expected trend for today: Bearish