Gold price rebounds bearishly – Analysis - 25-05-2023
Gold prices bounced downwards strongly after testing 1977.25 level in the previous sessions, to approach our first waited negative target at 1945.20, which represents 50% Fibonacci correction level for the rise measured from 1809.35 to 2081.05, which means that breaking it will push the price to achieve more bearish correction that its next target reaches 1913.15.
Therefore, our bearish overview will remain valid and active for the upcoming period, waiting to get negative motive that assists to push the price to achieve the suggested targets, reminding you that it is important to hold below 1977.25 to continue the expected decline.
The expected trading range for today is between 1940.00 support and 1970.00 resistance.
The expected trend for today: Bearish
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