Gold price succeeds to breach – Analysis - 19-09-2023

Gold price managed to breach 1929.00 and ended yesterday above it, and by taking a deeper look at the chart, we find that the price completed forming inverted head and shoulders’ pattern that has positive targets that surpass 1945.20 level to reach 1960.00 areas.

Therefore, the bullish trend scenario will remain valid and active for the upcoming period, supported by the EMA50 that carries the price from below, noting that breaking 1929.00 will stop the expected rise and put the price under the negative pressure on the intraday basis.

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

The expected trend for today: Bullish