Gold price hits the first target – Analysis - 16-03-2023

Gold price found solid resistance at 1928.60, to trade with clear negativity and retest the breached resistance for the bullish pennant’s pattern, affected by stochastic negativity, waiting to get positive momentum that assists to push the price to resume the main bullish wave, which its next target located at 1960.00.

The EMA50 continues to support the expected bullish trend, and breaching 1928.60 is required to ease the mission of achieving the waited target.

On the other hand, we should note that breaking 1905.00 will put the price under additional negative pressure to head towards testing the most important support at 1878.80 before any new attempt to rise.

The expected trading range for today is between 1895.00 support and 1935.00 resistance.

The expected trend for today: Bullish