Gold price closes negatively – Analysis - 21-12-2021

Gold price ended yesterday below 1797.00, to hint a potential return to decline, but we notice that the EMA50 attempts to protect the price from suffering more losses, while stochastic shows clear positive signals now.

Therefore, this contradiction between the technical factors makes us prefer to stay neutral until we get clearer signal for the next trend, noting that breaching 1797.00 and trading above it again will reactivate the bullish trend scenario that its next target located at 1825.15, while breaking 1785.00 represents negative factor that will press on the price to achieve additional decline that targets testing 1770.00 initially.

The expected trading range for today is between 1775.00 support and 1810.00 resistance.

The expected trend for today: Depends on the above mentioned levels