Gold price within positive pattern – Analysis - 09-03-2021

Gold price’s decline stopped at 1676.75, to start providing positive attempts now, and by taking a deeper look at the chart, we find that th recent trades confined within falling wedge pattern that might push the price to turn to rise in case breaching 1695.00 level.

Therefore, we prefer staying aside until we get clearer signal for the next trend, which we will get through breaching 1695.00 resistance or breaking 1682.00 support, noting that breaching this resistance will push the price to achieve intraday gains that target 1715.00 followed by 1740.00 levels initially, while breaking the support represents the key to resume the main bearish trend that its next target located at 1655.00.

The expected trading range for today is between 1670.00 support and 1710.00 resistance.

The expected trend for today: Neutral