Gold price approaches the target – Analysis - 29-10-2020

Gold price settled around 1880.00 after the strong decline that it witnessed on yesterday’s evening, waiting for more decline to achieve our main waited target at 1860.90, noting that the price faces negative pressure that supports the chances of breaking the mentioned level followed by opening the way to extend the bearish wave on the short term basis, noting that breaking it will push the price to 1794.85 as a next negative target.

Therefore, the bearish trend will remain valid and active for the upcoming period unless the price rallied to breach 1901.80 and hold above it.

The expected trading range for today is between 1860.00 support and 1900.00 resistance.

The expected trend for today: Bearish