Gold price breaks the support – Analysis - 29-01-2020

Gold price ended yesterday below 1575.90 level, which puts the price under expected negative pressure on the intraday basis, on its way to test 1554.10 level mainly, noting that we will be waiting for bullish rebound to resume the main bullish trend after testing the mentioned level.

Therefore, the bearish bias will be suggested for today, noting that breaking the targeted level will extend the bearish wave to reach 1536.50 as a next station, while breaching 1575.90 represents the key to stop the current negative pressure and the price rally to regain the bullish trend.

The expected trading range for today is between 1554.00 support and 1575.00 resistance.

The expected trend for today: Bearish temporarily