Gold analysis for 15.11

Gold price ended last week’s trading above the level of 1860.00, which supported the overall positive scenario for the upcoming period despite the decline witnessed by the price at the opening of the day; now it is waiting to head towards 1900.00 as a main positive station.

The negativity of the stochastic indicator explains the reasons for the current decline, while the EMA50 provides good support for the suggested bullish wave, noting that the price needs to rise above 1860.00 to resume the expected bullish trend for the upcoming period. Failure to consolidate above it will put the price under additional negative pressure that targets testing the 1833.60 areas and then 1825.15 before any new attempt to rise.

The expected trading range for today: between the support 1840.00 and the resistance 1875.00

The forecast trend for today: bullish