Daily analysis of Gold for October 19, 2017

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Overview

Gold price begins today's trading with a bearish bias, moving below 1,281.17 level after closing the daily candlestick below it. This puts the price under more expected negative pressure on the intraday basis, targeting 1,263.15 before attempting to return to rise again. Therefore, we expect more decline in the upcoming sessions supported by the negative pressure formed by the EMA50. Please note that stepping above 1,281.17 will stop the current negative pressure and push the price to regain its main bullish track again. The expected trading range for today is between 1,263.00 support and 1,285.00 resistance.

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