Gold price loses momentum – Analysis - 20-07-2021

Gold price shows positive trades to head towards potential test to the key resistance 1825.15, as the price is affected by stochastic positivity that loses its positive momentum clearly and enters that overbought areas now, waiting to motivate the price to rebound bearishly and resume the negative trades on the intraday basis, as we expect to test 1797.00 again.

Therefore, the bearish bias will be expected for today unless the price rallied to breach 1825.15 and hold above it, as breaching this level will lead the price to achieve additional gains that reach 1860.00.

The expected trading range for today is between 1790.00 support and 1830.00 resistance.

The expected trend for today: Bearish