Gold price tests the resistance – Analysis - 29-11-2019
Economies.com
2019-11-29 05:15AM UTC
Gold price tests the intraday bearish channel’s resistance that appears on the chart, met by the EMA50 to add more strength to it, while stochastic loses its positive momentum to reach the overbought areas.
Therefore, these factors encourage us to suggest the bearish trend for the upcoming period, which its targets begin at 1447.00 and extend to 1413.10 after breaking the previous level, noting that breaching 1460.00 will stop the expected decline and push the price to achieve temporary intraday gains that target testing 1489.00 before any new negative attempt.
The expected trading range for today is between 1440.00 support and 1470.00 resistance.
The expected trend for today: Bearish
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