Gold price approaches the first target – Analysis - 16-08-2023

Gold price traded with clear negativity yesterday to approach our waited target at 1892.00, noticing that the price provided mixed trades in the previous sessions, as it tested the key resistance 1913.15 and bounced bearishly from there, to resume the expected bearish wave on the intraday and short-term basis, organized inside the bearish wave that appears on the chart, noting that our next negative station reaches 1873.50.

Therefore, we will continue to suggest the bearish trend for the upcoming period supported by the EMA50, conditioned by the price stability below 1913.15.

The expected trading range for today is between 1885.00 support and 1915.00 resistance.

The expected trend for today: Bearish