Gold price surpasses the resistance – Analysis - 29-03-2023

Gold price ended yesterday positively to breach 1962.50 level and settles above it, to reactivate the main bullish trend scenario and head towards achieving gains that start by testing 2000.00 barrier, making the bullish bias suggested for today.

The EMA50 supports the continuation of the expected rise, while stochastic negativity might cause some temporary sideways fluctuation before resuming the bullish wave.

Therefore, we are waiting for expected positive trades in the upcoming sessions conditioned by the price stability above 1962.50, as breaking this level will put the price under the correctional bearish pressure again, to head towards visiting 1933.20 areas as a first negative station.

The expected trading range for today is between 1960.00 support and 1990.00 resistance.

The expected trend for today: Bullish