Gold price begins with clear positivity – Analysis - 15-09-2023

Gold price opens today trading with clear positivity to breach 1913.15 and approach retesting the broken neckline of the head and shoulders’ pattern, which turns into key resistance now at 1917.50, noticing that the EMA50 meets this level to add more strength to it, which supports the chances of turning back to decline.

Now, we prefer to stay aside until the price confirms surpassing one of the above-mentioned levels followed by detecting its next destination clearly, noting that breaking 1913.15 support will push the price to resume the bearish trend that its next targets located at 1890.00 followed by 1873.50, while breaching 1917.50 resistance will stop the negative effect of the mentioned pattern and push the price to recover and achieve gains that start at 1929.00.

The expected trading range for today is between 1900.00 support and 1930.00 resistance.

The expected trend for today: Neutral