Gold price tests the support – Analysis - 30-03-2023

Gold prices hover around 1962.50 level, which urges caution from the upcoming trading, as the price needs to consolidate above this level to keep the bullish trend scenario active, which targets 2000.00 level as a next main station.

The EMA50 provides continuous positive support to the price, while stochastic attempts to gather the positive momentum on the intraday time frames, to continue suggesting the bullish trend for the upcoming period, but it is important to note that breaking 1962.50 and holding below it will stop the expected rise and press on the price to achieve new bearish correction that its first target is located at 1933.20.

The expected trading range for today is between 1945.00 support and 1980.00 resistance.

The expected trend for today: Bullish