Gold prices surpass the first target – Analysis - 13-04-2023

Gold price leaned on the bullish channel’s support line and bounced bullishly from there, reinforcing the expectations of continuing the main bullish trend, waiting to visit 2040.00 that represents our next positive station, noting that surpassing this level will push the price to 2074.85 as a next main target.

Therefore, we expect the continuation of the bullish trend domination on the intraday and short term basis, supported by the EMA50 that carries the price from below, besides the positive overlapping signal provided by stochastic now, noting that breaking 2003.00 will stop the bullish wave and press on the price to start correctional bearish wave on the intraday basis.

The expected trading range for today is between 2005.00 support and 2040.00 resistance.

The expected trend for today: Bullish