Gold price around the moving average – Analysis - 07-06-2023

Gold prices continues to fluctuate around the EMA50, and it didn’t show any strong move since yesterday, to keep the bearish trend scenario valid as it is without any change for the upcoming period, waiting to test 1945.20 level initially, which breaking it represents the key to head towards the next correctional level at 1913.15.

Stochastic continues to provide the negative signals that support the continuation of the suggested bearish wave, reminding you that breaching 1977.25 will stop the expected decline and lead the price to turn to rise.

The expected trading range for today is between 1940.00 support and 1977.00 resistance.

The expected trend for today: Bearish