Gold price tests the initial resistance – Analysis - 22-02-2021

Gold price continues to fluctuate around 1785.00 level, and as we mentioned in our recent reports, the price needs to hold below this level as a first condition to continue the expected negative scenario for the upcoming period, as breaching it will push the price to test 1811.00 areas before turning back to decline again.

Stochastic shows overbought signals to support the chances of resuming the expected decline, besides the negative pressure formed by the EMA50, noting that our next main target is located at 1740.00.

The expected trading range for today is between 1760.00 support and 1800.00 resistance.

The expected trend for today: Bearish