Gold analysis for 01.11

Gold price shows some bullish bias after the strong decline that it witnessed in the past sessions, to test a minor resistance level located at 1785.00, affected by the positivity of the stochastic indicator. Meanwhile, the EMA50 forms negative pressure in front of the price, which supports the chances of achieving new negative trades in the upcoming sessions.

Therefore, the bearish bias will be expected for today unless the price rushes to breach the 1797.00 level and stabilize above it, noting that the expected targets start at 1770.00 and extend to 1734.00 after breaking the previous level.

The expected trading range for today: between the support 1770.00 and the resistance 1795.00

The forecast general trend for today: bearish