Gold price loses momentum – Analysis - 28-10-2020

Gold price hovers around the EMA50, noticing that stochastic lost its positive momentum to show negative signals now, which motivates the price to resume the expected bearish trend for the upcoming period, which depends on the price stability below the broken support of the bullish channel that appears on the chart, waiting to head towards 1860.90 areas mainly.

Therefore, we are waiting for negative trdes today, noting that breaching 1912.00 will stop the expected decline and leads the price to achieve new intraday gains that target testing 1934.86 level initially.

The expected trading range for today is between 1890.00 support and 1920.00 resistance.

The expected trend for today: Bearish