Gold analysis 01.02.2022

Gold price provided positive trading yesterday, to test the pivotal resistance 1797.00, and maintains its cohesion below it until now, accompanied by the appearance of clear overbought through the stochastic indicator, waiting to resume the bearish bias and head towards 1770.00 that represents our next main target.

Thus, the bearish trend scenario will remain valid and effective until now, noting that breaching 1797.00 – 1800.00 levels will stop the expected decline and lead the price to start new recovery attempts targeting 1825.15 areas initially.

The expected trading range for today is between the support 1780.00 and the resistance 1810.00.

The forecast general trend for today: Bearish.