Gold price attempts to recover – Analysis - 28-03-2023

Gold price’s decline stopped at 1944.00 areas, to start providing positive trades and test the key resistance 1962.50, to hint the attempt to recover and regain the main bullish trend, as it gets positive support by the technical indicators.

The current contradiction between the technical factors makes us prefer to stay aside until we get clearer signal for the next trend, noting that continuing the rise and breaching 1962.50 will push the price to regain the main bullish trend and head to visit 2000.00 areas as a first positive station, while breaking 1950.00 represents negative factor that will push the price to achieve additional bearish correction that its targets begin at 1933.20 and extend to 1909.55 after breaking the previous level.

The expected trading range for today is between 1945.00 support and 1980.00 resistance.

The expected trend for today: Neutral