Gold price faces minor resistance – Analysis - 23-11-2020

Gold price finds difficulty to surpass the EMA50 that forms minor resistance at 1875.00, and as we mentioned in our recent reports, the price needs to breach this level to confirm opening the way to continue the rise and head towards our first waited positive target at 1901.80.

Stochastic negativity supports the strength of the current resistance areas, and the price might witness sideways fluctuation before resuming the positive attempts.

In general, the bullish trend scenario will remain suggested for the upcoming period unless breaking 1860.90 level and holding below it, reminding you that breaking this level will press on the price to turn to decline and head to visit 1794.84 areas mainly.

The expected trading range for today is between 1855.00 support and 1895.00 resistance.

The expected trend for today: Overall Bullish