18.01.2021
The price of gold confirmed the breach of the 1830.00 level after closing last Friday’s trading below it, and completed forming a descending triangular flag pattern that supports the chances of achieving more expected decline during the coming period, aiming to visit the 1800.00 level as a next stop.
Therefore, the bearish bias will be likely today, supported by the negative pressure formed by the SMA 50, noting that breaching 1838.10 then 1852.30 will stop the expected decline and lead the price to start recovery attempts in the intraday and short term.
The expected trading range for today is between 1800.00 support and 1845.00 resistance
The expected general trend for today: Bearish
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