Gold price awaits the confirmation – Analysis - 09-10-2019

Gold price provided positive trading yesterday to settle above 1500.00$ barrier, and moving above the EMA50 represents a positive factor that might assist to push the price to achieve more of the gains, but we notice that stochastic shows clear negative signal, to form a negative pressure againt the price.

Therefore, the contradiction between the technical factors remains valid , and the price needs to break the support at 1485.00 or breaching 1520.00 resistance to detect its next trend clearly, pointing that breaching this resistance will lead the price to regain the main bullish trend and achieveing positive targets that begin at 1555.00, while breaking the support will push the price to make more of the bearish correction that its next target at 1447.00.

The expected trading range for today is between 1485.00 support and 1525.00 resistance.

The expected trend for today: Neutral