Gold analysis for 02.11

Gold price provided additional positive trades to test the pivotal resistance 1797.00, and it starts showing bearish rebound signals now, as it maintains its stability below the broken support of the bullish intraday channel that appears on the chart. Meanwhile, the stochastic indicator shows clear negative signs that are likely to motivate the price to show negative trades during the upcoming sessions.

Therefore, the bearish bias will be expected for today, and the targets start with testing the 1770.00 level, noting that a breach of 1797.00 will lead the price to achieve additional gains that reach 1825.15 as a next stop.

The expected trading range for today: between the support 1770.00 and the resistance 1805.00

The forecast general trend for today: bearish