Gold price tests the moving average – Analysis - 11-10-2018

Gold price hovers around the EMA50 that continues to form the negative pressure against the price, noticing that stochastic shows clear overbought signals, to keep the chances valid to resume the main bearish trend, which targets 1180.00 followed by 1160.00 levels mainly.

We remind you that the continuation of the expected decline depends on holding below 1208.40, as breaching it will open the way to start bullish correction that its first main target located at 1238.31.

Expected trading range for today is between 1170.00 support and 1200.00 resistance.

Expected trend for today: Bearish