Gold analysis 23.03.2020

The gold price maintains its stability below the level of 1509.00, and gets a negative signal through the stochastic indicator, while the moving average constitutes 50 negative pressure against the price, to support the chances of the continuation of the expected bearish trend scenario for the next period, which begins its goals by testing the level of 1453.10, noting that breaking this The level will extend the descending wave to reach 1400.00 as next target.

Consequently, we will maintain our bearish forecasts over the intraday and short term, taking note that a breach of 1509.00 might push the price for intraday gains that start at 1543.35 and may extend to 1571.20 before any new attempt to decline.

The expected trading range for today is between 1400.00 support and 1520.00 resistance.

Expected trend for today: bearish.