Gold price achieves clear gains – Analysis - 23-02-2021

Gold price settled at the bearish channel’s resistance that appears on the chart, showing signs of starting bearish rebound from there, supported by stochastic negativity, but we prefer staying aside until we get clearer signal for the next trend, as trading above the EMA50 forms positive factor that might push the price to achieve more gains.

The price needs to breach 1820.00 resistance or break 1800.00 support to detect its next destination clearly, noting that breaking this support will press on the price to resume the bearish trend that targets 1765.00 followed by 1740.00 levels as main stations, while breaching the resistance represents the key to rally towards achieving more rise and head towards 1840.00 followed by 1855.00 areas mainly.

The expected trading range for today is between 1790.00 support and 1830.00 resistance.

The expected trend for today: Neutral