Gold attempts positively – Analysis - 21-05-2018

Gold price price hovers around the minor resistance that appears on the chart, and since the price is stable below 1301.20, we will continue to suggest the bearish trend for the upcoming period, supported by the negative pressure formed by the EMA50, besides stochastic reach to the overbought areas.

The price needs to break 1285.90 level to confirm extending the bearish wave towards 1267.00, noting that breaching 1301.20 will open the way to start recovery attempts that target 1316.48 followed by 1335.40 areas initially.

Expected trading range for today is between 1270.00 support and 1305.00 resistance.

Expected trend for today: Bearish