Gold price within a continuation pattern – Analysis - 23-06-2021

Gold price’s recent trades are confined within bearish pennant pattern that its signs appear on the chart, thus, the price needs to break 1775.00 to activate the negative effect of this pattern followed by rallying towards our next negative target at 1734.10.

Therefore, we will continue to suggest the bearish trend for the upcoming period supported by the negative pressure formed by the EMA50, taking into consideration that breaching 1800.00 will stop the expected decline and lead the price to start recovery attempts on the intraday and short term basis.

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

The expected trend for today: Bearish