Gold price faces solid resistance – Analysis - 22-01-2021

Gold price found difficulty to surpass 1871.55, to shows some bearish bias and it might head to test the key support 1850.80 in the upcoming sessions, noticing that there’s a contradiction between the technical indicators, which makes us prefer staying aside until we get clearer signal for the next trend, which we will get through breaching one of the mentioned levels.

Note that breaching 1871.55 resistance will push the price for more bullish correction that its next targets extend to 1888.30 followed by 1905.05, while breaking 1850.80 support represents the key to resume the bearish trend that targets 1838.00 followed by 1800.00 levels as next main stations.

The expected trading range for today is between 1850.00 support and 1885.00 resistance.

The expected trend for today: Neutral