Gold price approaches the target – Analysis - 26-11-2019

Gold price provided new negative trades yesterday to approach our waited target at 1447.00, which represents 38.2% Fibonacci correction level for the rise measured from 1269.50 to 1556.68, which means that breaking this level will push the price to visit the next correctional level at 1413.10.

The EMA50 continues to press negatively on the price, to support the chances of continuing the bearish bias and breaking the above mentioned level to achieve more decline in the upcoming sessions, thus, we will continue to suggest the bearish trend on the intraday and short term basis unless breaching 1489.00 level and holding with a daily close above it.

The expected trading range for today is between 1440.00 support and 1465.00 resistance.

The expected trend for today: Bearish