Gold price attempts to recover – Analysis - 15-01-2021

Gold price provided clear positive trades yesterday after finding solid support near 1830.00, to head towards potential test to the key resistance 1863.85, noticing that there’s potential positive formation that confines the recent trades, while the price faces negative pressure formed by the technical indicators.

Therefore, the contradiction between the technical factors makes us prefer staying aside now until we get clearer signal for the next trend, which we will get through breaching one of the above mentioned levels, noting that breaching 1863.85 resistance will form positive motive that pushes the price to achieve new gains, starting from 1900.00 followed by 1928.60, while breaking the support will press on the price to resume the bearish trend that its next target located at 1800.00.

The expected trading range for today is between 1830.00 support and 1875.00 resistance.

The expected trend for today: Neutral