Gold price presses on the support – Analysis - 05-06-2023

Gold prices continued to decline to reach 1945.20 level, noticing that the price begins today with additional decline to attempt to break this level, reinforcing the chances of continuing the bearish bias to open the way to achieve more bearish correction that its next target reaches 1913.15.

Therefore, we expect the continuation of the bearish bias in the upcoming sessions supported by the negative pressure formed by the EMA50, noting that breaching 1977.25 will stop the expected decline and lead the price to attempt to regain the main bullish trend again.

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

The expected trend for today: Bearish