Gold price tests the support – Analysis - 27-09-2018

Gold price tested the key support 1190.00 yesterday without managing to break it, to show some slight bullish bias and move at the EMA50, which continues to form the negative pressure against the price, supporting the expectations of continuing the bearish trend in the upcoming period, reminding you that the price needs to break the mentioned support to open the way to extend the bearish wave towards 1180.00 followed by 1160.00.

On the other hand, we should note that breaching 1208.40 will stop the expected decline and lead the price to start recovery attempts that target 1220.00 followed by 1238.30 areas on the near term basis.

Expected trading range for today is between 1180.00 support and 1208.00 resistance.

Expected trend for today: Bearish