Gold price tests the resistance – Analysis - 10-10-2019

Gold price tested the key resistance that declines now to 1518.00 and bounced bearishly from there, to keep the price confined between the key levels represented by 1485.00 support and 1518.00 resistance, which makes us continue with our neutrality until the price manages to breach one of the mentioned levels.

We remind you that breaching the mentioned resistance will lead the price to regain the main bullish trend that its first target located at 1555.00, while breaking the support will put the price under the correctional bearish pressure again, to head towards negative targets that begin at 1447.00 and extend to 1413.10.

The expected trading range for today is between 1485.00 support and 1530.00 resistance.

The expected trend for today: Neutral