Gold price is affected by negative pattern – Analysis - 14-01-2021

Gold price faced negative pressure yesterday to break the minor bullish channel’s support line that appears on the chart, which forms bearish flag pattern that pushes the price to achieve more decline now, as the price begins today with additional bearish bias to attack 1838.10, thus, we expect witnessing more decline in the upcoming sessions, targeting 1800.00 areas on the near term basis.

The EMA50 supports the suggested bearish bias, which will remain valid unless the price rallied to breach 1855.70 level and hold above it.

The expected trading range for today is between 1815.00 support and 1855.00 resistance.

The expected trend for today: Bearish