Gold price faces negative pressure – Analysis - 28-02-2020

Gold price faces solid resistance at 1655.90 and finds difficulty to breach it, to start testing the key support 1635.20 again, and by taking a deeper look at the chart, we find that the price draws double top pattern that might force the price to suffer some losses in the upcoming sessions.

Therefore, we prefer staying aside temporarily until we get clearer signal for the next trend, which we will get through breaking 1635.20 support or breaching 1655.90 resistance, noting that breaking this level will press on the price to visit 1601.70 level direct, while breaching the resistance will lead the price to resume the main bullish trend that its next target located at 1720.00.

The expected trading range for today is between 1625.00 support and 1660.00 resistance.

The expected trend for today: Neutral