Gold hits target - Analysis - 13-11-2023

The price of gold successfully touched the target level we are waiting for at 1933.30, which represents the 38.2% Fibonacci correction level of the rise from 1810.33 to 2009.30. In addition to being affected by the previously completed double top pattern, it fell under the continued negative pressure formed by EMA50. This supports the chances of a move beyond current levels, opening the way for more bearish corrections with the next target reaching 1909.80.

Therefore, we expect to see more negative trading in the upcoming session, noting that failure to move above 1933.30 will result in the price trying to establish a bullish wave with the main target being a test of 1962.35.

Today's expected trading range is between support at 1915.00 and resistance at 1950.00.

Expected trend today: Bearish