Gold analysis

Gold traded at the support level of 1779.40 after the strong decline that occurred yesterday, which led to the price falling from the resistance level of 1802.60, penetrating several levels of support.

The positive signal that comes from the stochastic indicator supports the chance of stabilizing trading above the support and returning to the bullish path. This is provided that the price managed to break the moving average level 50.

Noting that the price breaching the support level 1779.40 will press it for further decline and reach the target 1750.00.

The expected trading range for today is between the support 1765.00 and the resistance 1790.00.

Support: 1780.00–1775.00–1765.00.

Resistance: 1795.00–1800.00–1808.00.

The forecast trend for today: neutral.

Author: GC
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