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Short-term fluctuations currently indicate an upward trend in gold’s movement on the daily timeframe.
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If the bullish pressures persist, a breakthrough of the range in 1925 could signify an ascent toward the resistance level in 1985. Should this level be surpassed, traders’ attention will turn to the 2000 level.
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On the other hand, bearish actions could drive the price towards the recent three-month low at 1893. If this support level is broken, traders’ focus could shift to the March 1857 resistance level, close to the 200-day Simple Moving Average (SMA). Crossing that range could pave the way for the lowest level, 1804 in 2023.
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