Gold price begins to recover – Analysis - 28-05-2020

Gold price shows clear positive trading after approaching our waited target at 1691.10 in the previous sessions, to head towards potential test to the intrady bearish channel’s resistance that appears on the chart, located now at 1729.30, making the bullish bias suggested in the upcoming sessions, being aware that we need to monitor the price behavior when reaching the mentioned level, as breaching it represents the key to resume the main bullish trend and stop the correctional bearish wave.

On the other hand, we should note that breaking 1691.10 will stop the suggested rise and put the price under more negative pressure that targets 1646.00 level as a next correctional station.

The expected trading range for today is between 1700.00 support and 1730.00 resistance.

The expected trend for today: Bullish