Gold price forecast update 06-05-2024
Economies.com
2024-05-06 11:08AM UTC
Gold Price Analysis
- Gold price trades positively to test the key resistance at 2325.90$.
- As long as the price is below this level, our bearish overview will remain valid for today.
- This bearish view is supported by stochastic reaching overbought areas and negative pressure from the EMA50.
- Our awaited target is located at 2260.60$.
- Note that breaching 2325.90$ will stop the negative scenario and push the price to build a bullish wave, with initial targets beginning at 2360.00$ areas.
Expected Trading Range for Today:
- Support: 2285.00$
- Resistance: 2325.00$
Trend Forecast:
Bearish
Read more: Will Gold price reach 3000$ areas?
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