Gold price within positive pattern – Analysis - 15-03-2023

Gold price’s recent trades are confined within bullish pennant pattern that its signs appear on the chart, thus, breaching 1911.80 will activate the positive effect of this pattern and push the price to resume the bullish wave that targets 1928.60 followed by 1960.00 levels mainly.

Therefore, the bullish trend will remain active for the upcoming period, supported by the positive signals provided by the technical indicators, taking into consideration that breaking 1878.80 will stop the expected rise and press on the price to return to the correctional bearish track again.

The expected trading range for today is between 1890.00 support and 1928.00 resistance.

The expected trend for today: Bullish