Gold price hits the extended target – Analysis - 18-06-2021

Gold price succeeded to touch the extended target at 1770.00 and begins to rebound bullishly from there, as this level represents 61.8% Fibonacci correction for the entire rise measured from 1677.80 to 1916.25, to expect starting bullish wave and recover in the upcoming sessions.

Therefore, the bullish bias will be expected for today, and breaching 1800.00 is required to reinforce the expectations to rise and achieve gains that start at 1825.15, taking into consideration that breaking 1770.00 will stop the suggested positive scenario and press on the price to suffer new losses that reach 1734.10.

The expected trading range for today is between 1770.00 support and 1810.00 resistance.

The expected trend for today: Bullish