Gold price within sideways track – Analysis - 19-10-2018

Gold price shows continues to fluctuate within sideways track between 1220.00 and 1230.00 levels, noticing that stochastic reaches the overbought areas now, to form negative motive that we are waiting to push the price to decline in the upcoming sessions, to continue suggesting the bearish trend that its main target located at 1208.40.

We should note that breaking the targeted level will extend the bearish wave to reach 1187.00 as a next station, while the expected decline will remain valid unless breaching 1230.00 followed by 1238.31 levels and holding above them.

Expected trading range for today is between 1208.00 support and 1238.00 resistance.

Expected trend for today: Bearish