Gold price faces solid support – Analysis - 06-06-2023

Gold prices couldn’t manage to confirm breaking 1945.20 level, to trade positively and test the EMA50 that forms good resistance against the price, noticing that stochastic enters the overbought areas, to form negative motive that we are waiting to push the price to decline again, as we continue to suggest the domination of the correctional bearish trend for the upcoming period, waiting to break 1945.20 to open the way to visit 1913.15 level.

On the other hand, we should note that breaching 1977.25 will stop the expected bearish wave and lead the price to attempt to regain the main bullish trend again, to head towards testing 2016.90 initially.

The expected trading range for today is between 1940.00 support and 1970.00 resistance.

The expected trend for today: Bearish