Gold price loses momentum – Analysis - 14-05-2021

Gold price provided positive trades yesterday to test the intraday bearish channel’s resistance that appears on the chart, and begins to rebound bearishly now, noticing that stochastic shows clear negative signals now, which supports the chances of resuming the expected bearish trend on the intraday basis, which targets testing 1797.00 level mainly.

Therefore, we will continue to suggest the bearish trend for the upcoming period, taking into consideration that breaching 1828.00 will stop the expected decline and lead the price to resume the main bullish trend again.

The expected trading range for today is between 1797.00 support and 1830.00 resistance.

The expected trend for today: Bearish