Gold suffers strong losses – Analysis - 21-11-2017

Gold price settles around 1280.00 after the decline that it witnessed yesterday's evening, but we notice that the price still within the minor bullish channel that appears on the chart, while stochastic provides clear positive overlapping signal on the four hours' time frame, which forms positive motive that we expect to push the price to resume the bullish trend in the upcoming sessions, targeting testing 1299.20 level again.

Therefore, we will continue to suggest the overall bullish trend, and the price needs to breach 1281.17 to ease the mission of extending the bullish wave towards the above mentioned target, noting that breaking 1272.00 will push the price to test the most important support to the short term trades at 1263.15 before detecting the next trend destiny clearly.

Expected trading range for today is between 1272.00 support and 1295.00 resistance.

Expected trend for today: Bullish