Gold price achieves strong gains – Analysis - 29-09-2022

Gold price’s rise stopped at 23.6% Fibonacci correction level that formed solid resistance at 1660.00, to start today with bearish bias that hints the satisfaction by yesterday’s rise and head to resume the main bearish trend, on its way to achieve negative targets that start at 1638.00 followed by visiting yesterday recorded low at 1614.80.

Therefore, the bearish bias will be suggested for today, supported by the negative overlapping signal provided by stochastic, noting that breaching 1660.00 will stop the negative scenario and push the price to achieve additional bullish correction that its next target reaches 1686.40.

The expected trading range for today is between 1625.00 support and 1670.00 resistance.

The expected trend for today: Bearish