Gold price under the negative pressure – Analysis - 30-09-2019

Gold price resumes its negative trading to approach the key support 1485.00, hinting the price head to break this level and activate the negative effect of the head and shoulders’ pattern that its signs appear on the cahrt, which will push the price to 1447.00 followed by 1413.10 areas, but we should note that we need to get clear break and four hours’ close initially below the mentioned level to confirm the continuation of the decline.

Therefore, we will continue with our neutrality until the price confirms breaking 1485.00 supprot or breaching 1515.00 resistance, noting that breaching the resistance will push the price to resume the main bullish trend that its next target located at 1555.00.

The expected trading range for today is between 1475.00 support and 1510.00 resistance.

The expected trend for today: Neutral