Gold analysis for 11.11

Gold price managed to touch our expected target at 1860.00 and found strong resistance there, showing some slight bearish bias. The price completed forming a positive technical formation that we believe will motivate it to resume the bullish bias and surpass the mentioned level to head towards 1900.00 in the near term.

Therefore, a bullish trend will remain likely for the upcoming period, supported by the EMA50, bearing in mind that breaking 1825.15 will stop the expected rise and pressure the price to turn to the downside.

Expected trading range for today: between the support 1830.00 and the resistance 1870.00

Forecast trend for today: bullish