Gold Analysis for 15.10

15.10.2021

Technical reviews

Gold futures contracts fluctuated in a narrow range tilted to the downside during the Asian session, to witness its rebound for the second session from its highest since mid-September, ignoring the rebound of the US dollar index for the fourth session from its highest since September 28, 2020, according to the inverse relationship between them on the cusp of economic data expected today, Friday, by the US economy, the largest economy in the world.

 Technical Analysis

 

Gold price made new attempts to breach the 1797.00 level, but it maintains its consolidation below it, to keep opportunities available to resume the expected bearish trend for the upcoming period, waiting to visit the 1770.00 level as the next main target.

The stochastic indicator provides negative signs that support the expected decline, noting that a breach of 1797.00 will lead the price to achieve new gains, reaching 1825.15 initially.

The expected trading range for today is between the support 1785.00 and the resistance 1810.00

The forecast general trend for today: Bearish

Author: GC
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