Gold price attempts to recover – Analysis - 02-06-2022
Gold price ended yesterday with clear positivity to settle above 1838.10, but it faces solid resistance formed by 1850.00 level, accompanied by witnessing clear negative signals through the technical indicators, which might force the price to decline again.
We prefer to stay aside now until we get clearer signal for the next trend, through breaching one of the above mentioned levels, noting that breaking 1838.10 support will reactivate the negative scenario that targets 1810.00 followed by 1780.00 levels mainly, while breaching 1850.00 resistance represents the key to achieve new gains that start by visiting 1890.00 areas.
The expected trading range for today is between 1820.00 support and 1865.00 resistance.
The expected trend for today: Neutral
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