Gold price faces solid resistance – Analysis - 06-01-2022

Gold price bounced downwards strongly after facing solid resistance at 1825.15, to stuck between this resistance and 1797.00 support, which makes us prefer to stay aside until the price confirms breaching one of these levels to detect the next destination clearly.

Note that breaching the mentioned resistance will lead the price to continue the rise within the bullish channel that appears on the chart and head towards 1860.00 as a next positive target, while breaking the support represents negative factor that will turn the intraday track to decline to visit 1770.00 areas initially.

The expected trading range for today is between 1790.00 support and 1825.00 resistance.

The expected trend for today: Neutral