Gold price returns to decline – Analysis - 22-10-2020

Gold price continues to decline after approaching our waited target at 1934.86, which hints that the price is on its way to achieve more potential decline in the upcoming sessions, as it placed a lower high as appears on the chart, reinforced by stochastic negativity that supports the chances of achieving negative targets that start by testing 1901.80 level, noting that breaking this level will push the price to visit 1880.00 followed by 1860.90 levels as next negative stations.

Therefore, we expect witnessing more decline today, taking into consideration that breaching 1934.86 will stop the negative scenario and leads the price to resume the bullish wave and achieve more gains on the short term basis.

The expected trading range for today is between 1890.00 support and 1930.00 resistance.

The expected trend for today: Bearish