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Gold price presses on the support – Analysis - 23-02-2023
Gold price trades negatively to press on the key support 1828.70, and attempts to break, which urges caution from the upcoming trading, as breaking it will press on the price to resume the correctional bearish track and head to visit 1788.20 as a next negative target.
Stochastic provides clear positive signals that attempt to push the price to recover again, while the EMA50 forms negative pressure against the price, to face contradiction between the technical factors that makes us prefer to stay aside until the price confirms its situation according to 1828.70 support and 1844.30 resistance.
Note that breaching the mentioned resistance will lead the price to achieve new gains and head to test 1878.80 direct.
The expected trading range for today is between 1810.00 support and 1845.00 resistance.
The expected trend for today: Neutral
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