Gold analysis for 22.11

Gold price faced strong negative pressure in the past sessions: it completed forming a minor double top pattern and was approaching the 1834.00 level. The price shows recovery attempts now, but it is still below the broken neckline of the mentioned negative pattern, which makes us prefer to stay aside until we get a clearer signal for the next direction.

We point out that breaching the resistance that was formed at 1850.00 will release the price from the current negative pressure and lead to resuming the bullish path, whose next target is located at 1900.00. Meanwhile, the break of 1834.00 represents a negative factor that will pressure the price to experience additional decline that would cross the 1825.15 level to head towards 1800.00.

The expected trading range for today: between the support of 1830.00 and the resistance of 1865.00

The forecast trend for today: neutral