Gold price touches the channel’s support – Analysis - 13-11-2018

Gold price succeeded to touch the correctional bullish channel’s support line that appears on the chart, showing some slight bullish bias now to approach testing the first key resistance 1208.40, which urges caution from the upcoming trading, as breaching this level followed by 1223.00 will push the rpice to resume the correctional bullish track that its targets begin at 1238.30 and extend to 1262.51 after breaching the previous level.

Until now, we will continue to suggest the bearish trend in the upcoming sessions, depending on the negative effect of the previously completed double top pattern, waiting to break 1200.00 to confirm opening the way to head towards our next target at 1180.00.

Expected trading range for today is between 1180.00 support and 1215.00 resistance.

Expected trend for today: Bearish