Gold analysis for 29.11

Gold price ended last Friday’s trading below the 1797.00 level, which reactivated the bearish trend scenario, and the price is waiting to visit the 1770.00 level as the first negative target.

The EMA50 forms strong negative pressure that supports the continuation of the expected decline, noting that breaking the target level will extend the descending wave to reach 1734.00 as the next station. In turn, breaching 1797.00 is the key to starting new recovery attempts that initially target the 1825.15 areas.

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

The forecast general trend for today: bearish