Gold price gets a negative close – Analysis - 30-05-2023

Gold prices closed the last daily candlestick below 1945.20 level, to support the continuation of the expected bearish trend for the upcoming period, reminding you that our next target is located at 1913.15.

The price needs to break the bullish channel’s support line at 1939.90 to confirm the continuation of the decline, as consolidating above it might push the price to build new bullish wave and attempt to regain the main bullish trend again.

In general, the negative scenario will remain suggested conditioned by the price stability below 1961.30 and 1977.25 levels, as breaching them will stop the bearish correction and lead the price to return to the main bullish track.

The expected trading range for today is between 1925.00 support and 1960.00 resistance.

The expected trend for today: Bearish