Gold price touches the target – Analysis - 13-11-2023

Gold price managed to touch our waited target at 1933.30, which represents 38.2% Fibonacci correction level for the rise measured from 1810.33 to 2009.30, falling under continuous negative pressure formed by the EMA50, besides its affection by the previously completed double top pattern, which supports the chances of surpassing the current level to open the way to achieve more bearish correction, which its next target reaches 1909.80.

Therefore, we expect to witness additional negative trades in the upcoming sessions, noting that failing to break 1933.30 will lead the price to attempt to build bullish wave that targets testing 1962.35 mainly.

The expected trading range for today is between 1915.00 support and 1950.00 resistance.

The expected trend for today: Bearish