Gold price is affected by the positive momentum – Analysis - 01-11-2022

Gold price shows some bullish bias now, affected by stochastic positivity, while the EMA50 continues to form negative pressure on the price, to keep the bearish trend scenario valid and active, waiting to visit 1615.00 mainly.

Note that holding below 1660.00 is important to continue the expected decline, as breaching it will lead the price to return to the correctional bullish track and achieve gains that start at 1686.40.

The expected trading range for today is between 1615.00 support and 1655.00 resistance.

The expected trend for today: Bearish