Gold price tests the support base – Analysis - 17-08-2020

Gold price tests the key support base 1934.68, and as we mentioned in our recent reports, the price needs to consolidate above this level to keep the bullish trend scenario valid, supported by the positive signal that appears on stochastic, waiting to resume the bullish bias to breach 1967.90 and confirm opening the way to head towards 2008.80 as a next station.

Therefore, we will continue to suggest the bullish trend for the upcoming period, noting that breaking 1934.68 will put the price under negative pressure that its targets begin by testing 1901.80 and might extend to 1860.90 before any new attempt to rise.

The expected trading range for today is between 1910.00 support and 1990.00 resistance.

The expected trend for today: Bullish