Gold price suffers sharp losses – Analysis - 22-09-2020

Gold price faced strong negative pressure as we mentioned in our technical updates yesterday and attempted to break 1901.80 level, to witness negative formation that hints that the price is on its way to achieve more decline in the upcoming period, noting that confirming breaking 1901.80 level will push the price to 1860.90 as a next negative station.

Therefore, the bearish trend will be expected on the intraday and short term basis, taking into consideration that breaching 1934.86 will stop the expected decline and leads the price to recover and regain the main bullish trend again.

The expected trading range for today is between 1880.00 support and 1935.00 resistance.

The expected trend for today: Bearish