Gold price hits the first target – Analysis - 15-12-2021

Gold price settles at 1770.00 after the decline that it witnessed on yesteday’s evening, attempting to break this level, reinforcing the expectations of continuing the domination of the bearish trend, as we expect to head towards 1734.00 as a next negative target.

On the other hand, we notice that the price completed forming bearish pennant pattern that forms negative motive that we expect to assist to push the price to continue the decline, to keep our bearish overview for the upcoming period unless the price rallied to breach 1797.00 and hold above it.

The expected trading range for today is between 1750.00 support and 1785.00 resistance.

The expected trend for today: Bearish