Midday update for Gold 21-04-2021

Gold price begins to provide negative trades now, which urges caution from the upcoming trading, as we witness signs of forming double top pattern after failing to reach this week’s recorded high at 1790.00, especially that stochastic provides negative trades now that might press on the price to achieve more decline.

Therefore, we prefer staying aside until the price confirms its situation from the trend keys represented by 1765.00 support and 1788.00 resistance, noting that breaching this resistance will push the price to resume the bullish track that its next targets located at 1800.00 followed by 1838.00, while breaking the support represents negative factor that will force the price to achieve additional decline that its targets begin at 1758.00 and extend to 1740.00.

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

The expected trend for today: Neutral