Gold price surpasses the resistance – Analysis - 20-07-2023

Gold prices breached 1977.25 level clearly and closed the last four hours’ candlestick above it, which supports the continuation of the expected bullish trend scenario on the intraday and short-term basis, and the way is open to achieve our new targets that start at 2000.00 followed by 2016.90.

The bullish channel organizes the suggested bullish wave, which gets good support by the EMA50, noting that breaking 1977.25 will stop the expected rise and push the price to turn to decline.

The expected trading range for today is between 1970.00 support and 2005.00 resistance.

The expected trend for today: Bullish