Gold price is recovering – Analysis - 01-04-2021

Gold price ended yesterday with clear positivity after confirming breaching 1692.00, and we believe that the way is open to continue the rise to visit the bearish channel’s resistance at 1727.00, making the bullish bias suggested in the upcoming sessions, being aware that it is important to monitor the price behavior when reaching the mentioned level due to its importance to detect the next destination.

Note that breaching 1727.00 will push the price to turn to rise and achieve additional gains that reach 1765.00, while holding against the current rise will lead the price to resume the main bearish trend that its targets begin at 1692.00 and extend to 1665.00.

The expected trading range for today is between 1700.00 support and 1730.00 resistance.

The expected trend for today: Bullish temporarily