Gold price suffers strong losses – Analysis - 28-09-2023

Gold price settles at 1873.50 level after the strong decline that it witnessed yesterday, and we suggest resuming the negative trades to break the mentioned level and open the way to head towards 1860.00 followed by 1845.00 levels as next negative stations.

Therefore, the bearish trend scenario will remain expected for the upcoming period, taking into consideration that failing to surpass 1873.50 will stop the expected decline and lead the price to start bullish correction that targets testing 1890.00 followed by 1900.00 levels initially.

The expected trading range for today is between 1855.00 support and 1890.00 resistance.

The expected trend for today: Bearish