Gold price attempts positively – Analysis - 20-11-2019

Gold price ended yesterday above the correctional bearish channel’s resistance, which leads the price to achieve expected intraday gains in the upcoming sessions, on its way to test 1489.00 level mainly.

Therefore, the bullish bias will be suggested for today, supported by moving above the EMA50, noting that the expected rise is temporary, waiting to resume the correctional bearish wave, taking into consideration that breaching 1489.00 will lead the price to stop the correctional bearish wave and return to the main bullish track again, while breaking 1470.40 will press on the price to decline again without the need to achieve the suggested positive target.

The expected trading range for today is between 1460.00 support and 1490.00 resistance.

The expected trend for today: Bullish