Gold price hits the first positive target – Analysis - 13-03-2023

Gold price continued to rise to manage to achieve our first positive target mentioned in our last technical update at 1878.80, and breaches it now to pave the way to achieve more expected gains in the upcoming sessions, waiting to visit 1928.60 followed by 1960.00 levels as next main targets.

The EMA50 supports the price from below, reinforcing the expectations of continuing the bullish trend, while stochastic might cause some temporary sideways fluctuation before turning back to rise again.

Holding above 1878.80 is important to continue the expected rise, as breaking it will put the price under the correctional bearish pressure again, to head towards visiting 1828.70 level initially.

The expected trading range for today is between 1870.00 support and 1905.00 resistance.

The expected trend for today: Bullish