Gold price hits the target – Analysis - 17-08-2023

Gold price resumed its negative trading strongly to succeed achieving our first waited target at 1892.00, noticing that the price presses on this level in attempt to confirm breaking it, reinforcing the chances of continuing the bearish wave and head to achieve additional negative targets that reach 1873.50.

Therefore, we will continue to suggest the bearish trend for the upcoming period, supported by the negative pressure formed by the EMA50, noting that breaching 1905.00 followed by 1913.15 levels will stop the expected decline and lead the price to turn to rise.

The expected trading range for today is between 1875.00 support and 1905.00 resistance.

The expected trend for today: Bearish