Gold price is under the negative pressure – Analysis - 05-05-2021

Gold price eneded yesterday with strong negativity and settled below 1785.00 level, which put the price under more expected negative pressure on the intraday basis, targeting testing 1765.00 level in the upcoming sessions, noting that the expected decline is temporary, waiting to rebound bullishly to resume the main bullish trend again.

Therefore, the bearish bias will be suggested for today, taking into consideration that breaching 1785.00 will stop the suggested negative scenario and push the price to rise again, while breaking 1765.00 represents negative factor that will press on the price to suffer more losses on the intraday and short term basis.

The expected trading range for today is between 1760.00 support and 1795.00 resistance.

The expected trend for today: Bearish temporarily