Gold price completes positive pattern – Analysis - 29-08-2023

Gold price resumed its positive trading clearly to approach our first waited target at 1929.00, and by taking a deeper look at the chart, we find the that the price completes forming double bottom pattern now, to get strong positive motive that supports the chances of surpassing the mentioned level to head towards our next target at 1945.20 direct.

Therefore, we will continue to suggest the bullish trend for the upcoming period, supported by the EMA50 that continues to carry the price from below, noting that breaking 1913.15 will stop the expected rise and push the price to turn to decline.

The expected trading range for today is between 1913.00 support and 1945.00 resistance.

The expected trend for today: Bullish