Gold price reaches the first target – Analysis - 12-11-2019

Gold price managed to reach our first waited target at 1447.00 and settles near it, and the price falls under continuous negative pressure coming by the EMA50, which supports the extension of the correctional bearish trend in the upcoming period, noting that breaking the mentioned level will press on the price to visit 1413.10 as a next correctional station.

Therefore, we will continue to suggest the bearish trend on the intraday and short term basis, organized inside the bearish channel that appears on the chart, unless the price rallie to breach 1489.00 level and hold above it.

The expected trading range for today is between 1440.00 support and 1465.00 resistance.

The expected trend for today: Bearish