Gold price crawls downwards – Analysis - 31-01-2023

Gold price fluctuates with slight negativity and attempts to surpass the EMA50, to keep the bearish trend scenario valid on the intraday basis, which targets testing the bullish channel’s support line around 1908.40.

We remind you that the expected decline is temporary unless breaking the mentioned support, as breaking it will press on the price to suffer additional losses and start correctional bearish wave on the intraday basis, while breaching 1935.00 will stop the expected decline and lead the price to resume 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 temporarily