Gold price faces negative pressure – Analysis - 22-01-2020

Gold price attempted to break 1554.10 level yesterday, but it closed the daily candlestick above it, to keep the chances valid to resume the bullish trend, noticing that the price begins today with new negativity to move below the mentioned level.

Therefore, we prefer staying aside temporarily until the price confirms its situation according to the mentioned level, noting that consolidating above it will lead the price to rise again and heads towards our positive targets that begin at 1575.90, while holding below it represents negative factor that will press on the price to return to the correctional bearish track again, to head towards 1536.50 and might extend to 1518.85 before any new attempt to rise.

The expected trading range for today is between 1540.00 support and 1565.00 resistance.

The expected trend for today: Neutral