Gold price is stable – Forecast today - 08-05-2024

Gold Price Analysis

Outlook and Forecast for Current Trading Sessions

Expected Scenario

• Gold price remains stable below 2325.90$, indicating the continuation of the correctional bearish scenario
• Next target is at 2260.60$
• EMA50 continues to exert downward pressure on the price
• Breaching 2325.90$ may trigger recovery attempts towards 2360.00$ - 2430.00$

Gold price didn’t show any strong move yesterday, to remain stable below 2325.90$, thus, the correctional bearish scenario still active, which its next target located at 2260.60$.

The EMA50 forms continuous negative pressure against the price to support the expectations to decline, noting that breaching 2325.90$ will push the price to start recovery attempts and regain the main bullish trend again, to head towards achieving gains that start at 2360.00$ and extend to 2430.00$.

Expected Trading Range

1. Support: 2290.00$
2. Resistance: 2330.00$

Trend Forecast: Bearish

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