Gold price tests the resistance – Analysis - 20-09-2019

Gold price fluctuates around the EMA50, moving near the key resistance 1505.00, and as we mentioned yesterday, this level represents one of the key levels that we are waiting to detect the next destination besides 1485.00 support, as breaching the mentioned resistance will push the price to resume the main bullish trend that its next target located at 1555.00, while breaking the support will complete forming head and shoulders’ pattern that has the ability to push the price to 1447.00 areas initially.

Therefore, we will continue with our neutrality until the price confirms breaching one of the above mentioned levels.

The expected trading range for today is between 1485.00 support and 1520.00 resistance.

The expected trend for today: Neutral