Gold price keeps declining – Analysis - 16-05-2022

Economies.com
1 year ago

Gold price continues to decline, and attempted to surpass 1800.00 barrier, reinforcing the expectations of continuing the bearish trend, organized inside the bearish channel that appears on the chart, supported by the EMA50 that continues to press negatively on the price, reminding you that our next target is located at 1780.25.

 

Holding below 1850.00 is important to continue the suggested bearish wave, as breaching it will lead the price to turn to rise and start correctional bullish wave on the intraday basis.

 

The expected trading range for today is between 1785.00 support and 1825.00 resistance.

 

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The expected trend for today: Bearish

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