Gold price attempts to recover – Analysis - 19-01-2024

Gold price ended yesterday above 2016.90 level, noticing that the price begins today with additional positivity to attack the minor bearish channel’s resistance that appears on the chart, which returns to form potential bullish flag pattern, which might push the price to provide more positive trades in the upcoming sessions, targeting visiting 2065.70 areas mainly.

Therefore, the bullish bias will be suggested for today, and breaching 2031.50 will reinforce the expectations to rise and ease the mission of achieving the expected target, while breaking 2016.90 and holding below it again will reactivate the correctional bearish trend that its next main target located at 1977.46.

The expected trading range for today is between 2010.00 support and 2045.00 resistance.

The expected trend for today: Bullish