Gold price needs the positive momentum – Analysis - 06-01-2021

Gold price settles around 1945.00 level since yesterday, and the price is affected by stochastic negativity, which might cause more sideways fluctuation until the price manages to gain enough positive momentum to push trades to resume the main bullish trend, which targets 1970.00 as a next positive station.

In general, we will continue to suggest the bullish trend for the upcoming period conditioned by the price stability above 1928.60, noting that the EMA50 protects trading inside the intraday bullish channel that appears on the chart and reinforces the positive expectations.

The expected trading range for today is between 1930.00 support and 1965.00 resistance.

The expected trend for today: Bullish