Gold price attacks the resistance | Analysis

Gold prices ended last Friday at the 1977.25 level, hovering around it now, noticing that stochastic lost its positive momentum to show clear overbought signals, falling under continuous negative pressure from the EMA50.

Therefore, these factors support the chances of continuing the bearish correctional trend, which targets 1945.20 as the next hostile station, noting that breaching 1977.25 will stop the pessimistic scenario and push the price to achieve additional gains that reach 2016.95.

Gold price attacks the resistance – Analysis - 22-05-2023

The expected trading range for today is between 1955.00 support and 1990.00 resistance.

The expected trend for today: Bearish




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