Gold price is recovering – Analysis - 01-03-2021

Gold price’s last decline stopped at 1716.00 level, to rebound bullishly and begins recovering now, as it surpassed the intraday bearish channel’s resistance that appears on the chart and opens the way to continue the rise in the upcoming sessions, on its way to test 1765.00 mainly.

Therefore, the bullish bias will be expected for today, being aware that we need to monitor the price behavior when reaching the waited target, as breaching it will lead the price to achieve more gains that reach 1800.00 as a next station, while the expected rise will remain valid unless breaking 1740.00 and holding below it.

The expected trading range for today is between 1735.00 support and 1765.00 resistance.

The expected trend for today: Bullish