Gold price under the negative pressure – Analysis - 17-11-2021

Gold price ended yesterday with clear negativity to settle below 1860.00, but we notice that stochastic gained positive momentum that we expect to motivate the price to rise again, while the EMA50 keeps supporting the price from below.

Therefore, we expect to witness positive trades in the upcoming sessions, and the price needs to step above 1860.00 to confirm the continuation of the rise towards 1900.00 as a next main target, taking into consideration that failing to breach 1860.00 will put the price under additional negative pressure to visit 1835.00 followed by 1825.15 areas before any new positive attempt.

The expected trading range for today is between 1840.00 support and 1880.00 resistance.

The expected trend for today: Bullish