Gold price approaches the resistance – Analysis - 07-08-2020

Gold price crawls upwards gradually to approach our waited target that rises now to 2083.00, and continues to move inside the bullish channel that appears on the chart, to continue suggesting the bullish bias for the upcoming period, noting that surpassing the mentioned level will extend the bullish wave to target 2150.00 areas as a next station.

The EMA50 keeps supporting the price from below to support the chances of achieving more gains, taking into consideration that breaking 2048.00 will stop the expected rise and press on the price to start intraday bearish correction.

The expected trading range for today is between 2030.00 support and 2095.00 resistance.

The expected trend for today: Bullish