Gold price breaches the resistance – Analysis - 18-03-2021

Gold price continued to rise to breach the bearish channel’s resistance and settles above it, to confirm the activation of the bullish trend scenario on the intraday and short-term basis, on its way to visit 1765.00 as a first main target.

Therefore, the bullish bias will be expected for today, supported by the EMA50, taking into consideration that breaking 1742.00 followed by 1739.50 levels will stop the suggested rise and press on the price to return to the bearish track again.

The expected trading range for today is between 1735.00 support and 1765.00 resistance.

The expected trend for today: Bullish