Gold price gets negative close – Analysis - 08-06-2023

Gold prices managed to achieve our waited target at 1945.20 and closed the daily candlestick below it, to support the continuation of the correctional bearish trend and pave the way to head towards our next negative target that reaches 1913.15.

Therefore, we are waiting for more expected decline in the upcoming sessions, organized inside the bearish channel that appears on the chart, supported by the negative pressure formed by the EMA50, noting that failing to consolidate below 1945.20 might push the price to attempt to recover and achieve gains that start at 1966.45 followed by 1977.25.

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

The expected trend for today: Bearish