Gold price attempts to recover – Analysis - 12-05-2022
Gold price surpassed 1850.00 level and settled above it, to hint the attempt to recover on the intraday basis, but we notice that the price is still below the bearish channel’s resistance, and the EMA50 meets this resistance to add more strength to it, while stochastic loses its positive momentum to enter the overbought areas.
Therefore, these factors encourage us to suggest the bearish bias in the upcoming sessions, and breaking 1850.00 will reinforce the expectations of targeting 1820.00 followed by 1780.25 levels, noting that breaching 1864.00 will stop the expected decline and lead the price to achieve additional gains on the intraday basis.
The expected trading range for today is between 1830.00 support and 1870.00 resistance.
The expected trend for today: Bearish
Commodities News
Commodities
Gold logs in first weekly loss in five weeks
Gold prices rose on Friday, shrugging off a surge by the dollar index following upbeat data, ...
Commodities
Palladium tumbles below $1000 an ounce once again
Palladium prices fell on Friday as the dollar rose against most major rivals, with the industrial ...
Commodities
Oil prices park at week high as US inventories drop
Oil prices rose in European trade on Friday, extending gains for the second straight session, with ...
Commodities Technical Analysis
Commodities
Wheat price keeps its positive stability – Forecast today - 29-04-2024
Wheat Price Analysis Wheat price provided clear positive trades in the previous sessions to ...
Commodities
Corn price tests the support base – Forecast today - 29-04-2024
Corn Price Analysis Corn price is testing 449.20$ level and keeps its stability above it, ...
Commodities
Brent oil price begins negatively – Forecast today - 29-04-2024
Brent Oil Price Analysis Brent oil price rebounds bearishly after testing 89.50$ level, to head ...