Gold price achieves strong gains – Analysis - 14-10-2021

Gold price rally stopped below 1797.00, as it faced cluster of resistance lines that appear on the chart, accompanied by witnessing overbought signals by stochastic, to form negative factors that we expect to press on the price to rebound bearishly in the upcoming sessions.

Therefore, we expect to witness negative trades today, and the first main target is represented by testing 1770.00 level, taking into consideration that breaching 1797.00 will stop the expected decline and lead the price to achieve new rises that reach 1825.15.

The expected trading range for today is between 1770.00 support and 1800.00 resistance.

The expected trend for today: Bearish