Gold price awaits more decline – Analysis - 05-10-2023

Gold price fluctuates within sideways track in the previous sessions, affected by stochastic positivity to show some slight bullish bias now, while the EMA50 continues to press negatively on the price, to support the chances of resuming the expected bearish trend for the upcoming period, which its targets begin at 1809.35 and extend to 1765.20 after surpassing the previous level.

Therefore, the bearish trend scenario will remain valid and active, noting that breaching 1838.35 will stop the expected decline and lead the price to attempt to build bullish wave that targets visiting 1873.50 level initially.

The expected trading range for today is between 1800.00 support and 1838.00 resistance.

The expected trend for today: Bearish