Gold price under the negative pressure – Analysis - 30-10-2019

Gold price settles near 1489.00 level, and the price is under a clear negative pressure yesterday, which represents a signal for the price move to make moreof the bearish correctional moves on the intraday and short term basis, supported by moving below the EMA50, while stochastic provides positive signals that might protect the price to suffer more of the losses.

Therefore, we prefer staying aside temporarily until the price confirms its attitude according to 1489.00 level, while holding below it will confirm the beginning of the bearish correctional wave that its next main target at 1447.00, while stepping above it will reactivate the bullish trend scenario that targets 1535.00 level initially.

The expected trading range for today is between 1470.00 support and 1510.00 resistance.

The expected trend for today: Neutral