Gold price is recovering – Analysis - 17-11-2023

Gold price confirmed breaching 1975.00 level after closing the daily candlestick above it, to open the way to continue the rise and head to achieve positive targets that start at 2000.00 followed by 2009.30, making the bullish bias suggested for today, supported by the EMA50 that carries the price from below.

Note that the continuation of the bullish wave requires holding above 1975.00 and the most important above 1962.35, as breaking this level represents negative factor that will push the price to return to the correctional bearish track again.

The expected trading range for today is between 1970.00 support and 2005.00 resistance.

The expected trend for today: Bullish