Gold price approaches the target – Analysis - 25-11-2020

Gold price declined strongly yesterday to approach our waited target at 1794.84, noticing that the recent trades are confined within bearish flag that appears on the minor image, as the price breaks this pattern’s support lien to get negative motive that we are waiting to push trades to achieve more decline in the upcoming sessions, to attack the mentioned level and open the way to head towards 1795.00 as a next negative station.

Therefore, the bearish trend will remain dominant in the upcoming sessions, noting that breaching 1819.00 followed by 1830.00 levels will stop the expected decline and push the price to recover and achieve gains that start by testing 1860.90 areas.

The expected trading range for today is between 1775.00 support and 1820.00 resistance.

The expected trend for today: Bearish