Gold price under the negative pressure – Analysis - 22-11-2021

Gold price faced strong negative pressure in the previous sessions to complete forming minor double top pattern and approaches 1834.00 level, showing recovery attempts now, but its still below the broken neckline of the mentioned negative pattern, which makes us prefer staying aside until we get clearer signal for the next trend.

Note that breaching the resistance line formed at 1850.00 will release the price from the current negative pressure and lead to resume the bullish track that its next target located at 1900.00, while breaking 1834.00 represets negative factor that will press on the price to achieve new decline that surpasses 1825.15 to head towards 1800.00.

The expected trading range for today is between 1830.00 support and 1865.00 resistance.

The expected trend for today: Neutral