Gold price within tight track – Analysis - 10-12-2019

Gold price returns to fluctuate within tight track, settling around 1460.00 level, noticing that the recent trades confined inside minor bullish channel that we believe it forms bearish flag pattern, which means that breaking its support line at 1456.00 will provide strong negative motive that supports the expectations of extending the correctional bearish wave to surpass our first waited target at 1447.00 and reach 1413.10.

Therefore, we continue to suggest the bearish trend for the upcoming period unless the price rallied to breach 1489.00 key resistance level and holding above it, noting that breaching 1467.00 might push the price to breach this resistance before any new attempt to decline.

The expected trading range for today is between 1445.00 support and 1470.00 resistance.

The expected trend for today: Bearish