Gold price attempts to recover – Analysis - 06-05-2019

Gold price shows new positive trading to test 1282.00 level and attempts to breach it, which urges caution from the upcoming trading, as confirming breaching this level will stop the recently suggested negative scenario and push the price to achieve gains that reach 1302.60 on the near term basis, while declining to trade below 1275.30 will push the price back to the correctional bearish track that its next target located at 1253.20.

Therefore, we prefer staying aside until the price confirms its situation according to 1282.00 and 1275.30 levels.

The expected trading range for today is between 1270.00 support and 1295.00 resistance.

The expected trend for today: Neutral