Gold analysis for 29.10

Gold price is facing negative pressure now to test the first pivotal support 1797.00. Considering that, the price continues to move within the bullish intraday channel, and obtains positive support from the EMA50, in conjunction with the stochastic indicator reaching the oversold areas.

Therefore, these factors encourage us to continue suggesting the bullish trend for the upcoming period, whose next target is at 1825.15. Remember that breaking 1789.00 will stop the expected rise and pressure the price to turn to the downside.

The expected trading range for today: between the support 1785.00 and the resistance 1820.00

The forecast trend for today: bullish