Gold price retests the neckline – Analysis - 20-09-2023

Gold price faces negative pressure to retest the breached neckline of the inverted head and shoulders’ pattern that appears on the chart, accompanied by stochastic reach to the oversold areas and approaching to overlap positively, waiting to motivate the price to resume the expected bullish trend for the upcoming period, which targets visiting 1945.20 mainly.

Therefore, we will continue to suggest the bullish trend on the intraday basis, supported by moving above the EMA50, reminding you that breaking 1929.00 will stop the expected rise and put the price under the negative pressure again.

The expected trading range for today is between 1920.00 support and 1950.00 resistance.

The expected trend for today: Bullish