Gold price under the negative pressure – Analysis - 19-09-2019

Gold price traded with strong negativity on yesterday’s evening to break the bullish trend line and settles below it, and by taking a deeper look at the chart, we find that the price forms head and shoulders’ pattern that its signs appears on the image, which means that breaking 1485.00 will activate the negative effect of this pattern and press on the price to start correctional bearish wave.

Now, we prefer staying aside until we get clearer signal for the next trend, which we will get through reaking 1485.00 support or breaching 1505.00 resistance, noting that breaking the mentioned support will push the price to 1447.00 as a next main target, while breaching 1505.00 will lead the price to resume the main bullish trend that its targets begin at 1524.00 and extend to 1555.00 after breaching the previous level.

The expected trading range for today is between 1475.00 support and 1525.00 resistance.

The expected trend for today: Neutral