Gold price tests the resistance – Analysis - 19-11-2019

Gold price fluctuates around the bearish channel’s resistance and keeps its stability below it until now, accompanied by witnessing clear negative signals through stochastic, which supports the chances of bouncing bearishly to resume the expected bearish trend on the intraday basis, which its targets begin by testing 1447.00 level.

The EMA50 supports the expectations of the decline, reminding you that surpassing the mentioned target will push the price to 1413.10 as a next station, while breaching 1472.00 will lead the price to test the key resistance 1489.00 before any new attempt to decline.

The expected trading range for today is between 1447.00 support and 1480.00 resistance.

The expected trend for today: Bearish