Gold price confirms the break – Analysis - 30-03-2021

Gold price confirmed breaking 1720.00 after the strong decline that it witnessed yesterday, attempting to return to the main bearish channel, which confirm the activation of the bearish trend scenario on the intraday and short term basis, on its way to achieve negative targets that start at 1692.00 and extend to 1665.00.

Therefore, the bearish bias will be suggested for the upcoming sessions, supported by the EMA50, noting that breaching 1720.00 will stop the negative pressure and lead the price to start new recovery attempts.

The expected trading range for today is between 1690.00 support and 1720.00 resistance.

The expected trend for today: Bearish