Gold price attempts to consolidate – Analysis - 19-07-2021

Gold price ended last Friday below 1825.15, to hint heading to decline on the intraday basis, but we notice that the intraday bullish channel’s support line attempts to protect the price from suffering more losses, supported by stochastic and the EMA50 positivity.

Therefore, the contradiction between the technical factors makes us prefer staying aside until we get clearer signal for the next trend, noting that the continuation of the negative pressure and breaking 1810.00 will push the price to achieve more decline and test 1797.00 level initially, while breaching 1825.15 represents the key to reactivate the positive scenario that its next target located at 1860.00.

The expected trading range for today is between 1795.00 support and 1830.00 resistance.

The expected trend for today: Neutral