Gold price breaches the resistance – Analysis - 20-01-2023

Gold price continued to rise to breach 1928.60 level and close the daily candlestick above it, to exit the sideways range and activate the positive scenario on the intraday basis, opening the way to achieve new gains that reach 1950.00 as a next station.

Therefore, the bullish bias will be suggested for the upcoming period supported by the EMA50, noting that failing to hold above 1928.60 will put the price under intraday negative pressure and head towards testing 1900.00 initially.

The expected trading range for today is between 1915.00 support and 1950.00 resistance.

The expected trend for today: Bullish