Gold analysis for 16.11

The gold price maintains its stability above the 1860.00 level, and obtains continuous positive support from the EMA50. It is waiting for a positive stimulus that will push the price to resume the main bullish trend, whose next target is at 1900.00.

Therefore, the positive scenario remains valid for the upcoming period, with the price steadily above 1860.00. Breaking it will put the price under intraday negative pressure that will target testing the 1838.00 areas and may extend to 1825.15 before any new positive attempt.

The expected trading range for today: between the 1850.00 support and the 1885.00 resistance

The forecast trend for today: bullish