Gold price under the negative pressure – Analysis - 03-04-2023

Gold price shows negative trades by today’s open to press on 1962.50 level and attempts to confirm breaking it, which hints heading to achieve new bearish correction on the intraday basis, targeting visiting 1933.20 as a first negative station.

Therefore, we expect to witness negative trades today, and breaking the targeted level will extend the correctional bearish wave to reach 1909.55 as a next negative target, taking into consideration that bouncing bullishly and consolidating above 1962.50 will stop the negative scenario and reactivate the main bullish wave that its next target located at 2000.00.

The expected trading range for today is between 1935.00 support and 1970.00 resistance.

The expected trend for today: Bearish