Gold price covers its losses – Analysis - 11-07-2019

Gold price settles around 1425.00 level after the bullish rally that it witnessed yesterday, as the price confirmed stopping the bearish correction and return to rise again, approaching to test the previously recorded top at 1438.90.

The EMA50 supports the price from below, and the price moves inside the bullish channel again, therefore, these factors encourage us to suggest the continuation of the bullish bias in the upcoming sessions, noting that breaching the above mentioned level will push the price towards 1500.00 as a next main station, while breaking 1400.30 will stop the suggested rise and press on the price to return to the correctional bearish track again.

The expected trading range for today is between 1410.00 support and 1440.00 resistance.

The expected trend for today: Bullish