Gold price faces negative pressure – Analysis - 19-10-2020

Gold price faced continuous negative pressures and attacked 1901.80 level, which hints the price head to attempt to return to decline, supported by the negative pressure formed by the EMA50, but on the other hand, we notice that stochastic shows positive signals that might assist to push the price to attempt to recover and achieve intraday gains in the upcoming sessions.

Therefore, this contradiction between the technical factors makes us prefer staying aside until the price confirms its situation according to 1901.80 level, as holding below it will press on the price to head towards 1883.00 followed by 1860.90 levels as main negative targets, while consolidating above it will lead the price to resume the intraday bullish wave and visit 1934.86 initially.

The expected trading range for today is between 1880.00 support and 1920.00 resistance.

The expected trend for today: Neutral