Gold price faces solid resistance – Analysis - 09-05-2019

Gold price faced solid resistance formed by the bearish trend line that appears on the chart, to fluctuate around the EMA50 now, but we notice that stochastic gets rid of its negativity to reach the oversold areas, which forms positive motive that we are waiting to assist to push the price to rise again, to keep the bullish trend suggested for the upcoming sessions.

The main expected target is located at 1302.60, while breaking 1275.30 represents negative factor that will press on the price for more bearish correction on the intraday and short term basis.

The expected trading range for today is between 1270.00 support and 1300.00 resistance.

The expected trend for today: Bullish