Gold price suffers shrap losses – Analysis - 17-09-2021

Gold price declined strongly yesterday to break 1770.00 level and open the way to head towards 1735.00 that represents our next negative target, as it completed forming negative pattern that supports the chances of achieving more decline in the upcoming sessions, reinforced by the negative pressure formed by the EMA50.

Therefore, we expect the continuation of the bearish bias domination on the intraday basis, noting that breaching 1770.00 will stop the current negative pressure and lead the price to start new recovery attempts.

The expected trading range for today is between 1735.00 support and 1775.00 resistance.

The expected trend for today: Bearish