Midday update for Gold 31-03-2020

Gold price faces negative pressure now to approach the key support 1599.10, and as we mentioned in our recent reports, the price needs to consolidate above this level to keep the bullish trend scenario active for the upcoming period, as breaking it will press on the price to test the most important support for the short term trades at 1571.20 before any new attempt to rise.

In general, we will continue to suggest the bullish trend for today conditioned by the price stability above 1599.10, noting that our waited targets begin at 1633.60 and extend to 1689.30 after breaching the previous level.

The expected trading range for today is between 1600.00 support and 1650.00 resistance.

The expected trend for today: Bullish