Gold price achieves new gains – Analysis - 17-05-2021

Gold price opened today’s trading with strong positivity to surpass 1838.00 and reach 1850.00 level now, which supports the continuation of our bullish overview overview efficiently, and the way is open to head towards our next target at 1865.00.

Therefore, we will continue to suggest the bullish trend for the upcoming period, organized inside the bullish channel that gets good positive support by the EMA50, noting that breaking 1838.00 and holding below it will press on the price to achieve temporary bearish correction before turning back to rise again.

The expected trading range for today is between 1838.00 support and 1865.00 resistance.

The expected trend for today: Bullish