Gold price hits the first target – Analysis - 23-10-2020

Gold price settles around 1901.80 level, finding solid support base there, supported by stochastic positivity, which might push the price to start recovery attempts on the intraday basis, but we notice that the EMA50 forms negative pressure against the price, which forms contradiction between the technical factors, which makes us prefer staying aside until the price confirms its situation according to the mentioned level followed by detecting the next destination clearly.

Note that breaking 1901.80 and holding below it will confirm the continuation of the decline towards 1880.00 followed by 1860.90 levels as next negative stations, while consolidating above it will push the price to start bullish wave that targets 1934.86 areas again.

The expected trading range for today is between 1885.00 support and 1930.00 resistance.

The expected trend for today: Neutral