Midday update for Gold 27-03-2023

Economies.com
2023-03-27 10:48AM UTC

Gold price faces strong negative pressure to break 1962.50 level and close the last four hours‘ candlestick below it, which pushes the price to turn to decline in the upcoming sessions and open the way to visit 38.2% Fibonacci correction level at 1933.20 as a next negative station.

 

Therefore, the bearish bias will be suggested for the rest of the day, and breaking 1952.00 will add more confirmation to the continuation of the expected decline, while breaching 1962.50 and holding above it again will reactivate the main positive scenario and lead the price to head towards 2000.00 initially.

 

The expected trading range for today is between 1945.00 support and 1970.00 resistance.

 

The expected trend for today: Bearish for the rest of the day

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