Gold price begins with new positivity – Analysis - 05-12-2022

Gold price tested 1786.50 level and kept its stability above it, to rebound bullishly and resume the main bullish track, as we notice that the price begins today with additional bullish bias to approach our first extended target at 1815.00, and we suggest the continuation of the rise to surpass this level and head towards 1850.00 as a next main target.

Therefore, the bullish trend scenario will remain valid and active for the upcoming period, organized inside the bullish channel that appears on the chart, reminding you that it is important to hold above 1786.50 to continue the expected rise.

The expected trading range for today is between 1795.00 support and 1830.00 resistance.

The expected trend for today: Bullish