Gold price under the negative pressure – Analysis - 27-10-2021

Gold price ended yesterday below 1797.00, to hint the return of the domination of the negative pressure on the intraday basis, but its still within the intraday bullish channel that appears on the chart, which keeps the chances valid to attempt to recover.

Therefore, this contradiction between the technical factors makes us prefer staying neutral until we get clearer signal for the next trend, noting that breaking 1783.00 will press on the price to achieve more decline and visit 1770.00 initially, while breaching 1797.00 will lead the price to resume the bullish wave that its next main target located at 1825.15.

The expected trading range for today is between 1770.00 support and 1810.00 resistance.

The expected trend for today: Neutral