Gold analysis for 27.10

Gold price ended yesterday’s trading below the 1797.00 level, which provides signs of the return of the negative pressure’s control on the intraday term. However, the price is still within the bullish intraday channel that appears on the chart, which signals that opportunities are available for recovery and compensation of the losses that the price incurred yesterday.

Therefore, this conflict between the technical factors makes us prefer to stay aside until we get a clearer signal for the next trend. We should note that breaking 1783.00 will pressure the price to achieve more decline and visit the 1770.00 level initially, while breaching 1797.00 will lead the price to resume the bullish wave, with its next major target at 1825.15.

The expected trading range for today: between the support 1770.00 and the resistance 1810.00

The forecast trend for today: neutral