Gold price under the negative pressure – Analysis - 16-09-2021

Gold price ended yesterday below 1797.00 level, to hint heading to decline again, supported by moving below the EMA50, but we notice that stochastic shows positive signals that might assist to push the price to recover.

Therefore, this contradiction between the technical factors makes us prefer staying neutral until we get clearer signal for the next trend, noting that breaking 1786.00 will press on the price to achieve more decline and visit 1770.00 level initially, while breaching 1797.00 represents the key to reactivate the positive scenario that its first target located at 1825.15.

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

The expected trend for today: Neutral