Gold price gets a positive signal – Analysis - 23-10-2018

Gold price tested the bullish pennant’s support line that appears on the chart and keeps its stability above it, as the EMA50 meets this support to add more strength to it, waiting to motivate the price to resume the bullish bias and breach this pattern’s resistance at 1230.00 to reinforce the expectations of rising on the intraday basis.

Therefore, we will keep our bullish trend expectations for the upcoming sessions conditioned by the price stability above 1220.00, noting that our first target is located at 1238.30, which breaching it represents the key to rally towards 1262.50 as a next main station.

Expected trading range for today is between 1210.00 support and 1240.00 resistance.

Expected trend for today: Bullish