Gold analysis

Gold price is trading at 1,770.00 after the decline it witnessed yesterday evening. The attempts are made to break this level, reinforcing the expectations of the continuation of the bearish trend’s dominance. We expect it to head towards 1,734.00 as the next negative target.

On the other hand, we notice that the price completed the formation of a bearish triangle flag pattern. This constitutes that a negative motive may contribute to pushing the price to continue declining. It keeps our expectations for the bearish trend true for the upcoming period unless the price rushes to breach the 1,797.00 level and hold above it.

The expected trading range for today is between the support 1,750.00 and the resistance 1,785.00.

The forecast general trend for today: bearish.