Gold price confirms the breach – Analysis - 16-10-2023

Gold price settles above 1913.15 level after the recent bullish rally, reinforcing the expectations of continuing the bullish trend on the intraday basis, reminding you that our next target is located at 1945.20, and the price needs to surpass minor resistance at 1929.00 to ease the mission of achieving the suggested target.

Stochastic negativity interprets the reasons of today’s negative open, taking into consideration that breaking 1913.15 will stop the expected bullish trend and push the price to turn to decline, to start bearish wave that targets 1873.50 areas mainly.

The expected trading range for today is between 1905.00 support and 1940.00 resistance.

The expected trend for today: Bullish