Gold price reaches the extended target – Analysis - 03-10-2023

Gold price keeps declining to reach the thresholds of the waited extended target at 1809.35, expecting the continuation of the bearish bias to surpass this level and achieve additional negative targets that extend to 1765.20 areas.

Therefore, the bearish trend scenario will remain active for the upcoming period, supported by the negative pressure formed by the EMA50, taking into consideration that breaching 1838.35 will stop the expected decline and lead the price to start recovery attempts on the intraday basis.

The expected trading range for today is between 1795.00 support and 1830.00 resistance.

The expected trend for today: Bearish