Midday update for Gold 13-04-2021

Gold price faces new negative pressure to break 1731.00 level and attempts to hold below it, and by taking a deeper look at the chart, we find that the price completed forming head and shoulders’ pattern that might put the price under more negative pressure in the upcoming sessions.

Therefore, we prefer staying neutral until the price confirm its situation according to the above mentioned level, as holding below it will force the price to achieve additional decline that targets 1701.00 areas initially, while stepping above it again will reactivate the bullish trend scenario that its next target located at 1765.00.

The expected trading range for today is between 1715.00 support and 1750.00 resistance.

The expected trend for today: Neutral