Gold price achieves intraday gains – Analysis - 22-09-2021

Gold price settled above 1770.00 level after the bullish rally that it witnessed in the previous sessions, to hint the attempt to recover and achieve more gains in the upcoming sessions, but we notice that the price still below the broken neckline of the head and shoulders’ pattern, which might push the price to resume the negative trades again.

Therefore, the contradiction between the technical factors makes us stay aside until we get clearer signal for the next trend, noting that breaching 1780.00 will lead the price to visit 1797.00 direct, while breaking 1770.00 will reactivate the bearish trend scenario that its next main target located at 1735.00.

The expected trading range for today is between 1760.00 support and 1797.00 resistance.

The expected trend for today: Neutral