Gold analysis for 09.11

Gold price hovers around the 1825.15 level, facing strong resistance there. We wait for the negative momentum that appears on the stochastic indicator to pass. This will help the price obtain a positive stimulus that will contribute to pushing it up, breaching the mentioned level and then heading towards our next positive target that extends to 1860.00.

The moving average of 50 supports the price from below, which allows us to continue suggesting a bullish trend for the upcoming period, unless the 1797.00 level is broken and the price stabilizes below it.

The expected trading range for today: between the support 1810.00 and the resistance 1840.00

The forecast trend for today: bullish