Commodities

Gold price breaks the support – Analysis - 26-10-2020

2020-10-26 03:52:24 GMT (Economies.com)

Gold price ended last friday below 1901.80 level, starting today with bearish bias in attempt to move away from the mentioned level, which activates the bearish trend scenario on the intraday basis, on its way to head towards 1860.90 as a next negative target.

 

Therefore, the bearish bias will be expected for today, supported by moving below the EMA50, noting that breaching 1901.80 – 1908.60 levels will stop the suggested decline and push the price to recover again.

 

The expected trading range for today is between 1875.00 support and 1915.00 resistance.

 

The expected trend for today: Bearish

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