Gold price keeps its positive stability – Analysis - 27-10-2023

Gold price keeps its stability above 1977.25 level, moving within the bullish channel that appears on the chart, as it leaned on this channel’s support line and waits to resume the expected bullish wave on the intraday and short-term basis, which targets 2000.00 followed by 2016.90 levels mainly.

Stochastic negativity interprets the reasons of the slow bullish wave, noting that breaking 1977.25 will stop the positive scenario and push the price to turn to decline, to head towards testing 1945.20 areas before any new positive attempt.

The expected trading range for today is between 1975.00 support and 2005.00 resistance.

The expected trend for today: Bullish