Gold price touches the target – Analysis - 30-10-2020

Gold price shows some bullish bias after touching the main waited target at 1860.90, which shows the strength and importance of this level, heading to retest the previously broken horizontal support line that turns into resistance now at 1882.40, being aware that we need to monitor the price at this level, as it needs to consolidate below it to keep the negative scenario valid for the upcoming period.

Therefore, we will continue to suggest the bearish trend on the intraday and short term basis, which its targets begin by breaking 1860.90 to open the way to head towards 1794.85 as a next main target, noting that breaching 1882.40 will stop the expected decline and push the price to test 1901.80 level initially before any new attempt to decline.

The expected trading range for today is between 1850.00 support and 1890.00 resistance.

The expected trend for today: Bearish