Gold price hits the target – Analysis - 31-08-2023

Gold price succeeded to achieve our waited target at 1945.20 and settles around it now, attempting to build support base above it to lean on it and head towards continuing the rise on the intraday and short-term basis, noting that our next positive stations start at 1960.00 and extend to 1977.25.

Therefore, we will continue to suggest the bullish trend for the upcoming period, affected by the previously completed double bottom pattern, noting that failing to surpass 1945.20 will stop the bullish wave and push the price to decline towards 1929.00 initially before any new attempt to rise.

The expected trading range for today is between 1930.00 support and 1960.00 resistance.

The expected trend for today: Bullish