Gold price shows mixed trades – Analysis - 23-08-2023

Gold price faced solid resistance formed by the EMA50, to rebound downwards quickly and test the key support 1889.35, noticing that the price consolidated above this level to rally bullishly again and attempt to resume the expected bullish wave on the intraday basis, waiting to breach 1897.00 to confirm the continuation of the rise and achieve our main positive target at 1913.15.

Therefore, we will continue to suggest the bullish trend for the upcoming period, supported by the positive overlapping signal provided by stochastic now, reminding you that it is important to hold above 1889.35 to continue the expected rise.

The expected trading range for today is between 1885.00 support and 1913.15 resistance.

The expected trend for today: Bullish