Gold price breaks the support – Analysis - 16-11-2023
2023-11-16 04:08AM UTC

Gold price ended yesterday below 1962.35 level, to confirm the return to the correctional bearish track after retesting the previously broken neckline of the double top pattern that its signs appear on the chart, to head towards visiting 1933.30 as a next main target.


Therefore, we expect to witness negative trades in the upcoming sessions, noting that breaching 1962.35 will push the price to attempt to recover again and head to achieve gains that start by testing 1975.00 and extend to 2000.00 after surpassing the previous level.



The expected trading range for today is between 1940.00 support and 1975.00 resistance.


The expected trend for today: Bearish

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