Gold price keeps declining – Analysis - 18-02-2021

2021-02-18 05:07:56 GMT (Economies.com)
 

Gold price begins today with bullish bias to test minor resistance level formed at 1785.00, affected by stochastic positivity, while the price still inside the bearish channel that appears on the chart, falling under continuous negative pressure coming by the EMA50.

 

Therefore, these factors make us continue to suggest the overall bearish trend, which its next target located at 1765.00, which breaking it represents the key to extend Gold price losses to reach 1740.00 as a next negative station, taking into consideration that breaching 1785.00 and holding above it will push the price to start intraday bullish correction and achieve some temporary gains before turning back to decline again.

 

The expected trading range for today is between 1760.00 support and 1800.00 resistance.

 

The expected trend for today: Bearish

 
 
 
  Symbol Last Change Chg.%
1.2012
-0.0014
0.1177%
1.3840
-0.0113
0.8109%
Tadawul
10127.90
18.31
0.18%
26.165
0.373
1.448%
61.389
-1.789
2.832%
65.27
-0.05
0.08%
1782.220
10.770
0.608%
 
 
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