Gold price attempts to recover – Analysis - 20-01-2021

Gold price continued to rise to test the resistance line that appears on the chart, retracing the decline that started from 1959.30 areas, as it faces good resistance formed by 23.6% Fibonacci correction level at 1850.80, and the EMA50 meets this resistance to add more strength to it.

Therefore, we believe that the chances valid to rebound bearishly and resume the expected bearish trend for the upcoming period, which targets 1800.00 as a next station, noting that breaching 1850.80 will push the price to achieve more bullish correction and head towards 1871.55 direct.

The expected trading range for today is between 1820.00 support and 1860.00 resistance.

The expected trend for today: Bearish