Gold price attempts recover – Analysis - 25-09-2020

Gold price ended yesterday above 1860.90 level after the clear rise that it witnessed in the previous sessions, to hint the attempt to stop the negative pressure that dominated the recent trades, but we notice that stochastic provides negative signals now, besides that the EMA50 presses negatively on the price that moves inside minor bullish channel that might form bearish flag pattern.

Therefore, this contradiction between the technical factors makes us prefer staying aside until we get clearer signal for the next trend, noting that breaching 1877.00 will push the price to achieve more gains and test 1901.80 followed by 1911.00 areas mainly, while breaking 1860.90 support will reactivat the bearish trend scenario that its next main target located at 1794.85.

The expected trading range for today is between 1840.00 support and 1900.00 resistance.

The expected trend for today: Neutral