Gold price retests – Analysis - 24-10-2018

Gold price retested the previously breached resistance of the bullish pennant and keeps its stability above it, while stochastic gets rid of its negative momentum to head towards the oversold areas, waiting to get enough positive momentum to push the price to breach 1238.30 level and confirm extending the bullish wave on the short term basis.

Therefore, we will continue to suggest the bullish trend in the upcoming sessions conditioned by the price stability above 1220.00, supported by the EMA50, reminding you that the extended target reaches 1262.50.

Expected trading range for today is between 1220.00 support and 1245.00 resistance.

Expected trend for today: Bullish