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Gold price presses on the support – Analysis - 02-05-2023
Gold prices return to press on the symmetrical triangle’s support line after testing this pattern’s resistance line yesterday, to support the continuation of the expected bearish trend for the upcoming period, reminding you that our next target is located at 1957.30.
The EMA50 forms continuous negative pressure on the price, reinforcing the chances of continuing the domination of the correctional bearish trend, noting that surpassing the mentioned level will push the price to 1930.00 as a next correctional target, while the bearish trend will remain active unless the price rallied to breach 2005.35 and hold above it.
The expected trading range for today is between 1960.00 support and 1995.00 resistance.
The expected trend for today: Bearish
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