Gold price attempts to recover – Analysis - 27-10-2020

Gold price did not settle for long time below 1901.80, to trade positively and test the key resistance that rises now to 1910.00, attempting to breach this level and achieve more intraday gains, which makes us prefer staying neutral temporarily until we get clearer signal for the next trend, due to the contradiction between the technical factors that the price face now.

Note that breaching 1910.00 will lead the price to achieve new rise that targets testing 1934.86 areas again, while breaking 1901.80 and holding below it will reactivate the bearish trend scenario that its next main target located at 1860.90.

The expected trading range for today is between 1890.00 support and 1930.00 resistance.

The expected trend for today: Depends on the above mentioned levels