Gold price confirms the breach – Analysis - 01-06-2020

Gold price settles above the breached resistance of the bearish channel, getting positive support by the EMA50, to support our expectations of achieving more gains on the intraday basis, waiting to test the recently recorded top at 1764.00 as a first station, noting that breaching this level is required to confirm the continuation of the main bullish trend that its next target located at 1810.00.

Therefore, we will continue to suggest the bullish trend for the upcoming period, noting that breaking 1719.00 will stop the expected rise and press on the price to test 1691.00 again before any new attempt to rise.

The expected trading range for today is between 1720.00 support and 1764.00 resistance.

The expected trend for today: Bullish