Gold price breaks the support – Analysis - 27-01-2023

Gold price keeps declining to break 1928.00 level and settles below it, to exit the intraday bullish channel and head towards achieving expected decline on the intraday basis, targeting testing the main bullish channel’s support line around 1903.50.

Therefore, the bearish bias will be suggested for today, and breaking 1921.60 will ease the mission of achieving the waited target, taking into consideration that breaching 1931.50 will stop the negative scenario and lead the price to regain the main bullish trend again.

The expected trading range for today is between 1900.00 support and 1935.00 resistance.

The expected trend for today: Bearish