Gold price is retesting – Analysis - 02-11-2020

Gold price continues to fluctuate around 1882.40 level, and it needs to hold below this level to keep the bearish trend scenario valid for the upcoming period, as breaching it will push the price to test 1901.80 before any new attempt to decline.

The EMA50 continues to press negatively on the price, while stochastic begins providing negative signals now, thus, we believe that the chances valid to resume the negative trades now, noting that our targets begin by testing 1860.90, which breaking it represents the key to rally towards 1794.85 as a next negative target.

The expected trading range for today is between 1850.00 support and 1895.00 resistance.

The expected trend for today: Bearish