Gold price suffers sharp losses – Analysis - 17-06-2021

Gold price achieved additional decline yesterday, as it broke 1825.15 level and approached the extended target at 1800.00, showing bullish bias by today’s open to test the first level that turns into resistance now, waiting to rebound bearishly to resume the correctional bearish track, affected by the completion of the doube top pattern that its signs appear on the chart, noting that breaking 1800.00 will push the price to 1770.00 as a next negative target.

Therefore, the bearish trend will remain suggested in the upcoming sessions, noting that breaching 1825.15 and holding above it will stop the negative pressure and lead the price to start recovery attempts that target testing 1860.00 areas initially.

The expected trading range for today is between 1800.00 support and 1840.00 resistance.

The expected trend for today: Bearish