Gold price attacks the resistance – Analysis - 22-05-2023
Economies.com
2023-05-22 03:53AM UTC
Gold prices ended last Friday at 1977.25 level, hovering around it now, noticing that stochastic lost its positive momentum to show clear overbought signals, falling under continuous negative pressure coming by the EMA50.
Therefore, these factors support the chances of continuing the correctional bearish trend, which targets 1945.20 as a next negative station, noting that confirming breaching 1977.25 will stop the negative scenario and push the price to achieve additional gains that reach 2016.95.
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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