Gold price recovers – Analysis - 20-01-2020

Gold price ended last week above 1556.70 level, which leads the price to start new bullish wave and stop the bearish correction that started from 1611.20 areas, supported by the EMA50, and by taking a deeper look at the chart, we find that the price completed forming inverted head and shoulders’ pattern that appears on the chart, which supports the chances of achieving more gains in the upcoming sessions.

Therefore, the bullish bias will be expected for today, and the targets begin by surpassing 1575.90 level to confirm heading towards the above mentioned top as a next main station, taking into consideration that breaking 1554.10 and holding below it will push the price back to the correctional bearish track.

The expected trading range for today is between 1550.00 support and 1575.00 resistance.

The expected trend for today: Bullish