Gold price suffers sharp losses – Analysis - 26-09-2019

Gold price settles below the main bullish trend line that turns into a critical rsistance now at 1510.00, which meets the EMA50 to strengthen it, while stochastic provides positive signals that pushes the price to attempt to breach the mentioned resistance then regain the main bullish trend.

Therefore, this contradiction between the technical factors makes us stay aside temporarily, waiting for breaching 1510.00 resistnace or breaking 1485.00 support to detect the next trend clearly, pointing that breaching this resistance will push the price to resume the bullish trend that its next main target at 1555.00, while breaking the support will complete forming a negative pattern that has negative targets that begin at 1447.00 and extend to 1413.10.

The expected trading range for today is between 1490.00 support and 1530.00 resistance.

The expected trend for today: Bullish