Gold analysis 28.01.2022

Gold price traded with strong negativity yesterday, to touch our awaited target at 1797.00, and attempts to break it, to provide indications of heading to achieve more negative targets during the upcoming period, waiting to head towards 1770.00 in the near term.

Therefore, we suggest the continuation of the negative trades’ dominance today, which may be preceded by some slight positive fluctuation due to the positivity of the stochastic indicator, noting that the consolidation of 1797.00 level in front of the negative trades may push the price to test the 1825.15 areas initially, before any new attempt to decline.

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

The forecast general trend for today: Bearish

Author: GC
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