Midday update for Gold 21-05-2020

Gold price faces negative pressure now to attack the main bullish channel’s support line, which urges caution from the upcoming trading, as continuing the decline and breaking 1725.90 will complete forming double top pattern that has the ability to push the price to start bearish correction for the rise that started from 1451.14 areas.

The EMA50 attempts to protect the price from suffering more losses, while stochastic reaches the oversold areas, thus, these factors encourage us to keep our bullish overview for the upcoming period conditioned by the price stability above 1725.90, reminding you that our next main target reaches 1805.00.

The expected trading range for today is between 1725.00 support and 1775.00 resistance.

The expected trend for today: Bullish