Gold price attempts to recover – Analysis - 09-06-2023

Gold prices traded positively to test the correctional bearish channel’s resistance now, consolidating below this resistance, accompanied by witnessing clear overbought signals through stochastic, waiting to motivate the price to resume the expected bearish trend for the upcoming period, which its targets begin by breaking 1945.20 to open the way to head towards 1913.15 as a next correctional station.

Note that the continuation of the bearish wave depends on the price stability below 1965.00 and the most important below 1977.25, as breaching the last level will push the price to attempt to regain the main bullish trend again, to head towards achieving positive targets that reach 2016.90 initially.

The expected trading range for today is between 1945.00 support and 1977.25 resistance.

The expected trend for today: Bearish