Gold price covers the gap – Analysis - 27-08-2019

Gold price provided negative trading to cover the bullish gap that appeared by yesterday’s opening, retracing the last rise that appears on the chart, as it settles at 50% Fibonacci correction level now, noticing that stochastic begins to overlap positive now, which forms positive motive that we expect to push the price to rise again.

Therefore, the overall bullish trend will remain suggested for the upcoming period, organized inside the bullish channel that appears on the chart, supported by the EMA50, waiting to test 1560.00 level initially, noting that breaking 1524.50 will press on the price to test 1505.00 areas before any new attempt to rise.

The expected trading range for today is between 1515.00 support and 1550.00 resistance.

The expected trend for today: Bullish